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Re: Judgement obstacle in Refinance


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Posted by cddfisher (205.188.209.12) on January 24, 2003 at 20:32:54:

In Reply to: Re: Judgement obstacle in Refinance posted by Why Chat on January 24, 2003 at 20:01:30:

Why chat is correct, in New York judgments are valid for enforcement against personal property for a 20 year period but remain liens on real property for only 10 years from docketing based on the NY Civil Practice Law Section 5203. The problem is that if you check with the lenders you might seek financing from they may advise you that while the law says the lien is not actually effective, they want it satisfied anyway because it is what is called a "cloud on the title". Also, although the lien priority expires, a creditor (in your case it is out of business so not a reality) could still deliver a real property execution to a sheriff and seek a sale without the lien priority. If the creditor is out of business and the refinancing companies refuse to loan without the lien cleared, you might have to call the attorney that took the judgment to offer some $. Just offer a low amount since the creditor is out. [also keep in mind although the actual company is out, the attorney will still likely have a contact to call to resolve the matter]. If the refinancing agencies say they will fund after the 10 years is up you could just wait to the appropriate date in 2003 and forget paying. This is just my opinion and as always I would recommend you speak with an attorney in your area about the problem. Usually a quick consultation is free or about free if you look in the yellow pages.


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