Judgment Lien Foreclosure In Chicago
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FAQ
Illinois law governs the time limit for enforcing judgment and states “no judgment shall be enforced after the expiration of 7 years from the time the same is rendered.”1 The same statute allows the 7-year limitation period to be extended “upon the revival of the judgment by a proceeding.”
For example, a mortgage has priority over a judgment lien if the lender records it before the judgment creditor records its lien.
If they are not timely renewed, they expire. In CA that is 10 years. However, when a judgment lien has been recorded against your property, it has no expiration date. This means that it is possible to no longer have a judgment against you, but still have a judgment lien on your property.
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.
Following a first mortgage foreclosure, all junior liens (including a second mortgage and any junior judgment liens) are extinguished, and the liens are removed from the property's title. However, the second mortgage debt and creditor's judgment remain, even though they're no longer attached to the foreclosed property.
Illinois law governs the time limit for enforcing judgment and states “no judgment shall be enforced after the expiration of 7 years from the time the same is rendered.”1 The same statute allows the 7-year limitation period to be extended “upon the revival of the judgment by a proceeding.”
Illinois law governs the enforcement and resurrection of judgments. Under Illinois law, judgments have an enforcement time limit of seven years from the date of their entry.
Following a first mortgage foreclosure, all junior liens (including a second mortgage and any junior judgment liens) are extinguished, and the liens are removed from the property's title.
2nd and Junior Mortgages (such as home equity loans, etc.) Credit Card Judgments (recorded after the foreclosing mortgage) Personal Judgments (recorded after the foreclosing mortgage) Mechanic's Liens (recorded after the foreclosing mortgage) Other Judgments (recorded after the foreclosing mortgage)
If you have a debt judgment against you, you will not be able to obtain a mortgage until it is settled. Before you can close on escrow, you will have to settle the lien and show documentation for it.
