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charcoalchimes · May 30, 2008, 05:42 PM

Once after a default judgement has been set against a person is it still possible for that person to get a loan modficaion or does this mean now is the time to be looking to do shortsale?

ScottGem · May 30, 2008, 06:01 PM

Judgements usually do not go with real estate defaults. Foreclosures are used with real estate defaults. So I have to wonder what really is going on.

charcoalchimes · May 30, 2008, 06:25 PM

An indivual leased a home while it was half way through the foreclosure process. Which a judgement by default was issued. Does this nullify the lease? Also can person generally get a loan modification once after the forecosure judgement has been set

ScottGem · May 30, 2008, 06:52 PM

Again, this does not make sense. If a person leases a home that is in foreclosure, when the foreclosure is finalized, the lease becomes void. I don't understand what this judgement has to do with anything.

It is possible for the lender to rework the loan with the homeowner even after a foreclosure has been completed. But its highly unlikely.

And what does that have to do with the tenant? You really need to explain this more fully.

Fr_Chuck · May 30, 2008, 07:47 PM

You are using some wrong terms, a house mortgage does not go for a judgement , it gets foreclosed. So once it is foreclosed, yes the lease ends.

A judgement may put another line on a home, but you don't do a judgement on a mortgage.

charcoalchimes · Jun 1, 2008, 12:08 PM

My Understanding Is That When A Foreclosure Complaint Is Filed And One Does Not Show Up For The Court Hearing Then There Is Judgement For The Plaintif By Default. (?)

Fr_Chuck · Jun 1, 2008, 12:26 PM

Judgement as in a verdict, but not a judgement as in a monetary judgement that allows for collectoin procedures.

Also that would be for your state, since some states don't even require a court hearing for a foreclosure, they are done merely on paper after the buyer is in default.

ScottGem · Jun 1, 2008, 01:46 PM

Originally Posted by charcoalchimes

My Understanding Is That When A Foreclosure Complaint Is Filed And One Does Not Show Up For The Court Hearing Then There Is Judgement For The Plaintif By Default. (?)

Your understanding is incorrect. Mortgage foreclosures are not the same as other debts, primarily because they are secured loans.

I'm gathering you got a notice of a court hearing and foolishly didn't appear. This would mean that the foreclosure is granted to the lender. Most probably, a date would have been set for an auction or the transfer of ownership. Its possible the lender was granted ownership on the spot. The rules vary from place to place so we can't say for sure.

What you need to do is get a copy of the order issued at the hearing. This will spell out when the property changes hands. Once that happens you no longer own the property so there will be no loan to modify or property to sell.

Its possible the lender MIGHT be willing restore the property to you, IF you can pay off the outstanding balance plus fees. But that is a real longshot, especially when you don't show for the hearing.

So get the transcript or order from the hearing and then you can figure out how to proceed.