Are homeowners vs. a non-homeowner more likely a target of a judgement from CA's and OC's since there is an assett to collect on? Thoughts please?
Yes. At least I think so, but think they are more likely for the amount of $ owed....it's not worth the court fees for just a couple of hundred dollars, but a few thousand....then it'd be worth it..........
This would all depend on whether or not you have filed your homestead exemption with the state and whether the equity in your home exceeds the exemption for your state. If your equity doesnt exceed your homestead exemption it would be rather fruitless for someone to sue you based on owning a mortgaged home. Hope this helps.
I am assuming you are talking about unsecured debt. Judgements do not attach to property unless additional steps are taken to make it a judgement lien. From my research judgement liens are placed more on non-homeowners as they would have to pay the lien before purchasing a home. All judgement liens I have seen placed on home owners are ones that have a secured interest in the property or are medical or from a utility company.
no offense to you good sir but before advising others with this information please do some homework.... Judgment creditors will much sooner affix themselves to those with assets than they will to those without assets. Im honestly not trying to be insultive here but before you give advice to those in situations you should honestl have some grasp on reality... Homeowners in collection situations should immediately file their homestead exemption with their state.
No offense taken. I was only stating what I have seen. I have done homework as you put it. I research court cases in my area frequently. People buried in unsecured debt owning a home and no judgment lien has been filed. People not owning property get more judgment liens filed on them.
Blkcarded, I know judgements can be sold, so then at least some money could be recovered. Or down the road these may be satisfied at a lower price. What if a judgment lien is placed and the owner never sells the property? Unsecured debts cannot produce a foreclosure. A judgment lien has to be renewed. After renewing then this would place this creditor after others(that have placed liens) in order to be paid if property was sold. In your experience how common is it for unsecured debt creditors to actually place a judgement lien?
Blkcarded, What if property is in two parcels with two names on it other than wife and husband? The homestead laws would change.
