Legal Question in Credit and Debt Law in Illinois

Re: Leins on home

There are two different things here: 1) Your obligation to satisfy the judgment, and 2) the lien against your real estate.

The creditor does not have to wait until you sell your real estate. They are entitled to payment. The lien against your real estate ensures that you cannot sell the real estate without satisfying the judgment. It also will prevent you from refinancing unless you satisfy the judgment, since otherwise your lender's mortgage would be second in line to the judgment lien.

Re: Leins on home

Some creditors do wait until you sell or refinance your home, but they are under no obligation to do so. They can garnish your wages, your bank account etc. If you don't have enough equity in the home to refinance and pay off the judgment, then you aren't going to be able to refinance under normal circumstances. You may want to consult a bankruptcy attorney about this.