Legal Question in Real Estate Law in California

I doubt you would get a company to loan you money based on a default judgment. I've seen companies loan money to litigants based on an outcome in a personal injury matter, but that usually required evidence that the defendant was insured.

You can execute on this judgment now, unless it has been stayed by the trial court or a court of appeal. Money judgments are usually stayed by a supersedeas bond. You may want to record an abstract of judgment now, to place a lien on the property. To execute on the judgment, you have to comply with the procedure to have the property sold by a sheriff's sale.

That will trigger payment, or at least a motion to set aside the default.

Although I agree with Mr. Roach, there are a couple of slippery slopes to be concerned about. First, there is a procedure in California for applying for an order setting aside a default or default judgment. The procedure must be initiated within certain time limits. Thereafter, it is much more difficult to have a default judgment overturned, and the grounds are much more limited. Under Code of Civil Procedure section 473 the ripening time is usually six months. There may be other provisions in the CCP suggesting minimum or maximum times for you, or for the defendant, to do this-or-that. Other concerns are whether the defendant was represented, whether he was mentally competent, and whether the civil action against him was properly served. I believe you should have a California lawyer review your proposed collection process, and in particular, determine the best time to record an abstract of judgment in the county or counties where the defendant has property. That will be very important to enforcement of the judgment.