Author Topic: Is this judgement legal?  (Read 735 times)

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BigJohnE

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Is this judgement legal?
« on: May 08, 2012 05:50:04 PM »
 Forgive me if this has been covered. I'm sure it has, but I have looked on the forum and I don't see my scenario.
 In 2001, I got a no-doc loan to buy a house for $299k. It was a blended rate loan to avoid PMI. 80% at one rate and 20% at another rate with a different bank. These are the kind of loans that were ridiculous I know!
  I lost my business in 2003 and we foreclosed. The house was promptly resold, but to my knowledge, the 1st holder received above and beyond what was owed to them and the 2nd holder got nothing. Now the 2nd position holder (Regions Bank) is trying to come after me for the 79k owed to them. I have a good credit score now 10 years later, but the judgement looks like it was just "renewed" last July. Plaintiff - Regions Bank, filing date - July 2011.
  I know the statute of limitations was about to expire, so is  this going to be there for 10 more years?? This wasn't an unsecured loan and I thought the equity would be distributed proportionately. Someone please help me understand this and what my options are. Thanks in advance! 1214
« Last Edit: May 08, 2012 06:06:44 PM by BigJohnE »

Admin3496

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Re: Is this judgment legal?
« Reply #1 on: May 08, 2012 05:51:38 PM »
It is requested that, when posting, one use the basic writing skills.

* Paragraph breaks when necessary

* Proper sentence structure and breaks

A single strand of sentences make for difficult reading and may result in fewer responses from members.

cprems

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Re: Is this judgement legal?
« Reply #2 on: May 08, 2012 10:28:31 PM »
What State are you in?

When were you sued for the deficiency?

What is the SOL in your State?

What is the SOL renewal for judgments?
ALL my postings have NO legal value.

 I AM the "village idiot" please hold my posts to this standard.

 If you need legal Counsel - contact an Attorney.

BigJohnE

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Re: Is this judgement legal?
« Reply #3 on: May 08, 2012 11:44:38 PM »
 I am in SC. The SOL is 10 years.

cprems

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Re: Is this judgement legal?
« Reply #4 on: May 08, 2012 11:47:09 PM »
Were you sued for the deficiency?
ALL my postings have NO legal value.

 I AM the "village idiot" please hold my posts to this standard.

 If you need legal Counsel - contact an Attorney.

BigJohnE

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Re: Is this judgement legal?
« Reply #5 on: May 09, 2012 06:15:14 PM »
I'm sorry I really don't know. All I know is that there is a judgement on my credit.

cprems

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Re: Is this judgement legal?
« Reply #6 on: May 09, 2012 07:38:21 PM »
Were you ever sued?

Did you get served?

How did you find out about the judgment?

If this was me, I'd go to the Court house and get a copy of the entire file. I would pay particular attention to the certificate of service.

If you never knew about the suit, you may have recourse to motion to set aside the judgment.

You are presenting more questions than answers. In order to point you in the right direction and have others, who have been in a similar situation, help, you need to clarify the questions asked.
« Last Edit: May 09, 2012 08:31:24 PM by cprems »
ALL my postings have NO legal value.

 I AM the "village idiot" please hold my posts to this standard.

 If you need legal Counsel - contact an Attorney.

CleaningUp

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Re: Is this judgement legal?
« Reply #7 on: May 09, 2012 07:58:27 PM »
I agree with cprems.  To help we need information...To help yourself, you need information.

The problem that you have is that the judgment IS legal until you can, if you can, get the court to reverse it.


BigJohnE

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Re: Is this judgement legal?
« Reply #8 on: May 10, 2012 01:55:32 AM »
Forgive me folks. I'm new to this, that's why I'm here.

I do have a COPY of a default judgement from May 2011. It includes additional fees and interest almost doubling the judgement amount.
My dad and i have the same name so it was delivered to his address, not mine.

This past February, I received another letter delivered by the Sheriff stating:

Dear Sheriff,

Execution against property

It is requested that you take the following action in this matter at your earliest convenience and return to me as provided by the laws of SC

Levy on any property for the above named defendant in your county.

We show the defendant's residence as ****insert incorrect address here ******

Please post any property of defendant, not exempt from levy and execution, for sheriff's execution sale at the courthouse as provided by law.

**This came from a lawyer's office, but I wasn't sure if it was real or a scare tactic.

I am not experienced with this stuff, but I assumed that a secured loan would satisfy both parties upon foreclosure and resale. Isn't that the risk the 2nd position mortgage holder takes?

CleaningUp

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Re: Is this judgement legal?
« Reply #9 on: May 10, 2012 02:08:24 AM »
That's pretty much irrelevant at this point.

They have a judgment, and they have an execution order.

The only way that you are going to stop them is to get the court to put a hold on it.  To do that, you need sufficient grounds to get the court to hear your side.  Right now, it appears that you have nothing.

You have to get the judgment reversed.

And, any secured creditor can see a deficiency judgment against the mortgagee...which it appears that they have.

YOU NEED TO GET  A COPY OF THE FILE FROM THE COURT!




BigJohnE

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Re: Is this judgement legal?
« Reply #10 on: May 10, 2012 02:11:48 AM »
Thanks for your help.
 What are my options and their ramifications?
What if I do nothing?
I'm guessing I need a lawyer?