Transcript of Judgment Foreclosure Suit

[missflo]

What is the name of your state (only U.S. law)? New Mexico

My husband and I had several real estate investments but as the economy went bad, we were unable to keep up our obligations on a couple of our properties. Subsequently, the lender foreclosed on us and filed a judgment against us. We have now been advised by his attorney that if we do not make payment arrangements for this judgment, he will file a Transcript of Judgment Foreclosure suit against our only remaining asset, a mobile home park. Unfortunately, if we had been able to keep up our payments in the first place, we would never have lost the aforementioned properties and we are in no better position now to make any significant payment arrangements. We are, in fact, considering filing bankruptcy but have hoped to avoid this. I understand that any judgments filed against our properties prevent us from selling them or borrowing against them but what happens with this Transcript of Judgment Foreclosure suit? We have a large mortgage on this mobile home park so is this attorney thinking he can actually foreclose on it even with an underlying mortgage or what exactly can happen?

 

[FlyingRon]

If you have an existing mortgage on the park the recorded judgement will just mean that they will have to be paid out of any proceeds from the sale (or foreclosure). If there's sufficient equity to pay the judgment, it shouldn't affect a sale. If there isn't, you may indeed find it hard to sell.