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Posted by NJDave on August 07, 2006 at 12:19:18:
In Reply to: abstarct of judgement posted by allan on August 07, 2006 at 09:53:49:
The answer could be state specific...
Let me first provide a definition of abstract of judgement: A summary of the essential provisions of a court judgement, which when recorded in the county recorders office, creates a lien upon the property of the defendant in that county.
I think you are asking if there is a lien against you/your home, and the property is foreclosed, will the lien be satisfied?
That depends. If the property is exposed to a public auction, and the bidding amnount exceeds the Plaintiff's (mortgage lender) judgement... in an amount necessary to payoff other liens... then it's possible the lien will be paid.
If, however, the bidding only covers the mortggage amount, the other, junior, liens can be extinguished.... If that happens, the lien might be renewed and placed as a garnishment of wages, the seizure of your bank account, etc.
