Legal Question in Family Law in New Jersey
I was granted a judgement lein of $73k placed on the propery in which my ex-husband lives in. I recently found out that he hasn't paid the mortgage in a year and the bank has started foreclosure procedures, there is about $160k in equity in the home. Will I still get paid the judgement?
1 Answer from Attorneys
If the house is sold at a sheriff's auction there is a substantial chance that there will be no excess proceeds to pay a secondary lien, the mortgage being older than your lien and first in line. To protect your interest in the house you should consider filing a motion to extinguish his interest in the property, taking title to the property, and then negotiating with the bank to take over the mortgage. Perhaps a more simple solution would be to make a motion to the Court to sell the property on the regular real estate market so that the mortgage AND your lien can be satisfied. Paying off the mortgage would bring the foreclosure action to an immediate end.
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