Legal Question in Real Estate Law in California
Recieved a notice of levy on property
I have a substantial judgement filed against me. I recieved a notice of levy on my property. Does the creditor have the power to set the selling price of my home. I do have it homesteaded and realize the profit for the sell won't satisfy the judgement. This is my primary residence
1 Answer from Attorneys
Re: Recieved a notice of levy on property
The sale of property in enforcement of judgment is covered extensively in the Code of Civil Procedure, starting at section 701.510. You can find the Code on line or at a law library (every county has at least one).
You will note that the sale is made at auction to the highest bidder. CCP 701.570(b). The sale must be cancelled if the highest bid fails to meet the minimum set by CCP 701.620.
Note that there are several categories of exemptions, including declared homesteads and the so-called automatic homestead exemption.
Exemptions are not absolute, and may not protect the debtor from liens with priority in time.
The field is so complex and procedurally technical that you would be well advised to find a local attorney with experience in resisting enforcement of judgment.
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