Posted by John Merchant on October 26, 2005 at 10:31:41:
No, if your question is:
Can lien holder on personal property “A” foreclose on RE “B” if debt on “A” not paid?
Answer is probably no, under FL law.
Their J against you would probably have to be enforced by a new action to seize your RE…hardly an automatic right to grab your RE.
In fact you could quickly deed that RE to an LLC and move it way out of reach as they wouldn’t necessarily be able to tell quickly who owns that LLC.
The creditor would have the right to file suit against you and thereafter lien that RE, and if they did so, they could then quickly file a “Lis Pendens” to tie up ANY RE conveyances of yours in that county.
Now, you should be aware that if the creditor abstracted (recorded) its J in the county where your RE is situated, that would be a lien against that RE…not a lien that would give that creditor any automatic foreclosure right, but still a lien that would cloud your title and keep a buyer from getting a clear title.
Can judgment holder on repossessed car foreclose? - Posted by Robin in FL
Posted by Robin in FL on October 22, 2005 at 04:03:47:
Judgment is 7 years old and there is a lien on the property for it. I bought this rental property subject-to knowing this old judgment was there from the previous owner, but had no intent to sell the property, and was willing to wait to possibly discount the judgment or for the judgment not to be renewed after 10 years and hopefully disappear. (The deal makes sense whether I pay off the lien at full price or not–but would rather not pay it of course.) I spoke with the judgment holder (SunTrust) and they offered a ridiculous payoff of $7,000 for a debt that started as $7,000, but has increased to $12,000 with fees and interest. “They say” if the $7,000 is not paid by Tuesday, the settlement offer disappears, and the 12K will be owed and they can start foreclosure proceedings. I suspect they are just trying to scare me into paying. Can they foreclose for a judgment on a repossessed car?
Thanks for any help.
Robin