Can a set agency have a levy or jugdement place on actual property belongings and personal belongings owned via the debtor? The propery foreclosed at the 1st lien however the second continues to be remarkable (lately in collections). the property is located in SC however the debtor works and are living in NC? additionally if the debtor is 50% proprietor of his personal house and the opposite 50% belongs to the wife, can jugdement still be placed at the personal house?
Debt Collections » Questions » Can a collection agency have a levy placed on real estate property and personal property owned by the debtor?
Expert Realtor says
First, your question does not make sense.
Did the original debtor lose his home in a foreclosure sale or not?
I am licensed in both SC and NC and you have no legal protection in either state if your foreclosure sale did not generate enough money to pay off both loans.
Whoever got “shorted” can sue for the balance.
NC does not recognize a “split” between married couples..each spouse owns 100% of the property collectively…it is an undivided interest.
All you can do is file for a judgment if there is no property to attach it to.
If the wife’s name was never on the loan, therefore, the wife is not responsible.
you both are responsible and whether the property is real estate or not if you own it or your spouse in some states a lien can be placed against it
The judgement/lien is placed against the PERSON, so if you own multiple properties it follows you. This becomes a problem when you go to buy/sell any properties, or when you apply for credit, or if you ‘come’ into money; this judgement means that you have an outstanding obligation ie. owe monies. Also, I assume you mean that the 1st is foreclosing and has not actually foreclosed yet; if the first had finished FC then your 2nd wouldn’t be outstanding it would be gone when the 1st took it to sale. The answer to your last question: yes. Advice: speak to an attorney that specializes in both real estate AND Bankruptcy law to understand how this will effect your credit and what you can do. Speak to Accountant/Tax Prep regarding judgement.