The judgment routinely becomes a judgment lien on any real-estate that you own within the county where the lawsuit happened. If your real-estate it attached to is your homestead, the judgment lien is not really foreclosable and just sits around the title. Even when you market your homestead, the gross sales proceeds from the homestead are exempt from assortment of your financial debt for up to at least one yr following the sale of your homestead. The opposing bash might also test to collect it from you by the usual suggests of garnishment or levy. Some assets and kinds of earnings will also be shielded from collection.
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The County treats the principal stability owed to the vendor being a liquid asset. In other words, the County will depend the equilibrium as an offered asset to you personally and count it towards your asset Restrict unless you give proof of creating realistic initiatives to market the deal for deed, or supply proof that there is no market worth for the sale in the deal desire. Put simply, you'll have to do at the very least 3 matters:
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