Posted by Brian (UT) on October 21, 2005 at 12:28:19:
Paul
I like to save money on legal issues and have found to many lawyers who just “if and if and if, and if maybe, and could be” I threw up my hands and decided to go to the law library myself and hired a paralegal to show me around and assist in my research. It was great, a more complete answer, less cost. Of course there are times I want the use of my attorney for his knowledge and the fact there is greater impact on someone if the letterhead, etc has an attorneys name instead of mine
I own a judgment on a property. I decided to enforce the judgment by going through a sheriff’s sale. The property value subtracting all the liens exceeds the $45K homeowner exemption. Nobody bids on the sale ( i am the default bidder). Per Colorado 38-41-206. (Levy on homestead - excess - costs) section (3) do I need to pay the homeowner his $45K exemption before I get the deed to the property? Can anyone help me with this? I understand that the homeowner has the right to redeem the property. Where does the $45K come to play?
Here is a hypothetical example
Property value 200K
First mortgage $135K
My judgment $10K
Nobody bids at the sale.
I get a sheriff’s deed, and pay off the first mortgage. I am in for $145K but how does the homestead exemption come to play? Do I need to bid on the sale at least $55K in order to get the deed? Or do I just bid the $10K (value of my judgment) and wait?
Posted by John Merchant on October 20, 2005 at 14:03:48:
You and I both know you need to hire a CO lawyer to help you with this…and I do hope you’re not seriously trying to do a “cheapie” here and get all your legal help free on this or any other site.
I would, if I found one that had the answers, and not mess around and charge me for research. In fact, I hired two laywers alerady and neither of them have been able to provide me with the answers after over $2000 in “research”. Lawyers are a whole bunch of overpaid book readers in my opinions. And they won’t tell you anything concrete, cause they don’t want to be sued for it.
If you got somebody that I can ask 10 questions and they can answer it in an hour with high degree of certainity I would love nothing better than pay $300 for it. Otherwise, I don’t want to waste my time or money.