Legal Question in Real Estate Law in New York
Judgments
I have three non secured judgments against me totaling $38,000.00.I have rental propwrty I am trying to sell.If I sell do the judgments have to be satisfied before the mortgage?If there is not enough money what happens?Are the judgments automatically against the properties even thoough they are unsecured debt?
Thank you
Dick
1 Answer from Attorneys
Re: Judgments
All liens against the property you are selling are paid first (mortgages, liens). A name search most certainly has been conducted against you in the title report which will reveal any and all judgements filed against your name (not necessarily the property address). All such judgements will also be paid (if less than 10 years from the filing date, otherwise they are dismissed as stale).
If you anticiapte a shortage, you and your attorney can negotiate with the judgment holders to reduce the debt.
You may contact me at anytime via e-mail with any further questions. I hope this information was helpful.
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