Judgment Against Property For Rem In Cook
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FAQ
Personal Property Execution If a Judgment Creditor knows that the Judgment Debtor owns a car, truck, motorcycle or other personal property of significant value, the Judgment Creditor may file a Property Execution.
How Long Are Judgments Valid in New York? Judgments are valid for 20 years and may be extended once for an additional period of 10 years. To extend a judgment for an extra ten (10) years, the Judgment Creditor must make written application to the court that issued the original judgment.
Most judgments (the court order saying what you're owed) expire in 10 years. This means you can't collect on it after 10 years. To avoid this, you can ask the court to renew it. A renewal lasts 10 years.
It also highlights the responsibilities and rights in regards to the debt for both you and any creditors. Judgments used to appear on your credit report as a negative item or derogatory remark, meaning they would only fall off your report after 7 years.
In a debt collection lawsuit, a judgment is a court order that allows the debt collector to use stronger tools, like garnishment, to collect the debt. A judgment is an official result of a lawsuit in court.
Judgements can become a first lien against a property. Lenders generally want to be first lien when it comes to mortgages. So yes, it will be deal breaker for most mortgage companies. I've seen mortgages get denied because of a $6000 judgement.
A judgment lien expires after 5 years from the date it is recorded but may be rerecorded once for another period of 5 years not less than 120 days before the expiration of the initial judgment.
Most creditors will file the release of judgment within 30-60 after you finish paying them. What if I need the judgment released immediately (“I'm supposed to close next week!”)? You can ask them to give you the release sooner. They might do it; they might not.
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