Asked by: Matheus Tsigleev
business and finance bankruptcy

What does Judgement amount mean in sheriff sale?

Last Updated: 5th January, 2020

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It comprises the balance on the loan and all the legal fees, late fees and interests. By the time, the property goes on sale at the sheriff, the judgement amount would increase because it would now factor some additional legal costs such as sheriff fees, attorney for the representation at the sale, etc.

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Also question is, what does Judgement amount mean?

The final judgment amount in a foreclosure case is how much money is owed on the foreclosed property. This amount could include how much is left unpaid on the mortgage and any fees accrued during the foreclosure process. Fees may include unpaid interest and legal costs.

Beside above, are sheriff sales a good deal? Buying foreclosed property at a sheriff's sale is one way to get a great deal on an investment property. There are several rules for this type of sale and understanding them can help you make an educated – and perhaps lucrative – purchase.

Simply so, what does Judgement mean in sheriff sale?

A sheriff's sale can happen when a homeowner doesn't pay his debts. If your creditor gets a court judgment against you over an unpaid bill, he can foreclose. Part of the process is the sheriff for your county arranging to sell the house at auction.

What is the difference between a sheriff sale and foreclosure?

At a foreclosure auction, a lender is selling a property it repossessed, whereas in a sheriff sale, the property was repossessed by a lender through court-ordered means. California operates a system of non-judicial foreclosure which means the lender does not need a court order to seize and sell your home.

Related Question Answers

Magnolia Messina

Professional

How do Judgements get paid?

Most judgments order the judgment debtor to pay the winner the total amount due in one lump sum. However, in most states, the judge can order the judgment debtor to pay the award in installments over time if requested.

Jinying Cayetano

Professional

How can I avoid paying a Judgement?

Three Ways to Stop a Creditor from Filing for a Judgement against
  1. Arrange a Repayment Plan. One option you have for stopping a judgement against you is to speak to the creditor before they file any court documents.
  2. Dispute the Debt. If you believe the debt is not legitimate, you have the option of fighting it.
  3. File for Bankruptcy.

Irenia Gayoso

Professional

What is the difference between a tax sale and a sheriff sale?

Generally speaking, a tax sale is based on back taxes, and the property is bought subject to all liens and encumbrances. Generally speaking, a Sheriff's Sale is a foreclosure sale on one of the liens against the property. All liens that are junior to the one being foreclosed upon are wiped out.

Naia Osthovener

Explainer

What are the types of Judgement?

Four Kinds of Judgments
When the law is admitted, but the facts are disputed; as in, case of judgment upon a verdict; 3. When both the law and the facts are admitted by confession; as in the case of cognovit actionem, on the part of the defendant; or nolle prosequi, on the part of the plaintiff; 4.

Bertino Wolfenthal

Explainer

What does a judgment mean?

A judgment is a court order that is the decision in a lawsuit. A judgment is an official result of a lawsuit in court. In debt collection lawsuits, the judge may award the creditor or debt collector a judgment against you.

Mehboob Keeling

Explainer

What is a copy of a Judgement?

Certified copies are authenticating the judgements/orders. Once it is a certified copy, the court puts its stamp/seal which means its a true copy of the judgement and it'll be accepted by courts/tribunals/authorities. Yes, they are available in every court.

Zaraida Becerril

Pundit

What does financial Judgement mean?

A judgment is a court order to the loser of a lawsuit to pay the winner a specified sum of money. A judgment, paid or unpaid, will remain on the debtor's credit report for seven years, but it will have a worse effect on their credit score if it is unpaid.

Mahah Coerne

Pundit

What is a civil money Judgement?

A civil judgment is a ruling against a defendant in a court of law. It refers to a non-criminal legal matter and often requires the defendant to pay damages. Damages are generally money amounts.

Mama Goig

Pundit

What happens to liens after sheriff sale?

A lien holder files a foreclosure to get control of the house as compensation for the unpaid loan. After a period of time, the property proceeds to a sheriff's or trustee's sale. At the sale, the property is auctioned off to the highest bidder. Any money leftover goes to other lien holders or to the previous owner.

Yeney Rossin

Pundit

Can a sheriff sale be reversed?

Under some circumstances it is possible to reverse a sheriff's sale. However, you will need to speak in more detail to a local foreclosure defense attorney to determine if it is possible in your case.

Faouzi Illy

Pundit

Who gets the money from a sheriff sale?

A sheriff's sale is a public auction where a property is repossessed. The proceeds from the sale are used to pay mortgage lenders, banks, tax collectors, and other litigants. A sheriff sale occurs after foreclosure because the owners have defaulted on mortgage payments.

Xiaomei Korbmann

Teacher

How do I find out if a house sold at sheriff's sale?

You can usually find out the value of a sale by reviewing the court records of your case at your local courthouse. You may also find that information on the public records site for your local recorder of deeds office or the office that handles the filing of real estate documents where your home is located.

Sirin Bodenstein

Teacher

How do you buy a house at a sheriff sale?

Follow these steps to ensure you research the properties thoroughly:
  1. Perform a title search.
  2. Locate properties.
  3. Evaluate the properties.
  4. Inspect the property.
  5. Calculate your profit potential.
  6. Determine your maximum bid amount.
  7. Phone ahead.
  8. Attend the auction.

Idrissa Matado

Teacher

Can you get a mortgage for a sheriff sale?

It is possible to obtain a loan insured by the Federal Housing Administration (FHA) to purchase a sheriff sale home, but you must have a pre-approved FHA-insured loan before bidding on the property. Because sheriff sale homes are foreclosures, they may be in need of repair.

Kathrin Kalinovich

Teacher

How do you stop a sheriff sale?

Five Ways to Avoid Your Sheriff's Sale
  1. Reinstate your mortgage. Find a way to get current.
  2. Qualify for Federal Program. The Making Home Affordable Program has been revamped to capture more homeowners than before.
  3. Work something out with your lender.
  4. Sell the property.
  5. File Chapter 13 Bankruptcy.

Ahlem Hamard

Reviewer

Can I save my house if it's in foreclosure?

If you're already in foreclosure, filing Chapter 7 bankruptcy isn't usually a good way to save your home, but it will delay the foreclosure proceedings and provide you with time to live in the home without making payments. You can put this money towards saving up for a rental.

Mertixell Fullola

Reviewer

Can you buy a house before sheriff sale?

In most states, lenders have the option of selling foreclosed homes at a sheriff's sale, usually through an auction. However, you can use several strategies to purchase a home before a sheriff's sale to avoid the bidding process.

Olexandr Pujana

Reviewer

What happens if property doesn't sell at sheriff's sale?

When a lender-foreclosed home doesn't sell at a sheriff's auction it normally becomes a 'real estate owned' (REO) property. In cases of failed sheriff's auction, foreclosing lenders may also try to auction their properties until they finally sell.

Yulanda Ventureira

Supporter

How do I get my house back after tax sale?

In most states, the delinquent taxpayer gets a period of time during which he or she can repurchase ("redeem") the home after a tax sale by paying the buyer the amount paid at the sale or by paying the taxes owed, plus interest, penalties, and costs. In some states, the redemption period occurs before the sale.