How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Dimitry Esquire Your Own Question

Dimitry Esquire
Dimitry Esquire, Attorney
Category: Real Estate Law
Satisfied Customers: 37491
Experience:  JA Mentor, multiple jurisdictions, specialize in business/contract disputes, estate creation & admin
18572087
Type Your Real Estate Law Question Here...
Dimitry Esquire is online now
A new question is answered every 9 seconds

What is the Final Judgment Amount in a foreclosure What

Resolved Question:

What is the "Final Judgment Amount" in a foreclosure?
What does the "plaintiff max bid" means?
The "Assessed Value" of the foreclosed property refers to before or after the foreclosure? and who is responsible for coming up with this value assessment?
If I win a bid on a foreclosure auction, do I have to pay any/all other liens the property may have or is it clean and clear to take for the winning bid amount?
Submitted: 4 years ago.
Category: Real Estate Law
Expert:  Dimitry Esquire replied 4 years ago.
Thank you for your post--I will take your questions one at a time so I do not miss any:


What is the "Final Judgment Amount" in a foreclosure?
This is the amount owed to the lender by the borrower at end of judgment. By this point it includes the principal, auction fees, attorney fees, penalties, additional interest, and all fees incurred by the lender due to the foreclosure and auction minus the actual auction price that the property was sold for.

What does the "plaintiff max bid" means?
This is typically the bank's highest value for the property if they are also bidding on it during auction. As they are the ones that brought the action against the borrower, they are the "plaintiff".

The "Assessed Value" of the foreclosed property refers to before or after the foreclosure?
That is typically before foreclosure as that is the value on the property for the purpose of tax assessment.

and who is responsible for coming up with this value assessment?
Typically a tax assessor is responsible.

If I win a bid on a foreclosure auction, do I have to pay any/all other liens the property may have or is it clean and clear to take for the winning bid amount?
Yes you do. When you purchase a property from auction, you purchase it with all liens, interests, debt, and liabilities which you have to pay off before you are able to get clear title to the property.

Good luck!

Edited by Dimitry Alexander Kaplun on 1/21/2010 at 5:29 AM EST
Dimitry Esquire, Attorney
Category: Real Estate Law
Satisfied Customers: 37491
Experience: JA Mentor, multiple jurisdictions, specialize in business/contract disputes, estate creation & admin
Dimitry Esquire and 4 other Real Estate Law Specialists are ready to help you
Customer: replied 4 years ago.

What is the best reliable source to find out about the liens and liabilities on the title of a foreclosure property in auction before I bid on it?

 

When a property in auction has multiple "defendants" (borrowers, construction co, associations) shouldn't all but the borrowers be "defendants" and all others -who I assume also want to collect from the borrower- "plaintiffs", together with the lender?

 

What do you consider the most valuable advise for someone who has never bid on a foreclosure property auction before?

Expert:  Dimitry Esquire replied 4 years ago.
Thank you for your follow-up.

To find about liens, you have to go to the county recorder's office and do a title and lien search on the property.

A "defendant" is anyone who is losing a possible interest in the property--since the construction company may be losing their investment, they are also deemed a "defendant".

Hmm....do your homework before you bid. Research the property, and find out exactly why the auction price is what it is--typically the reason it is low is because that difference is made up of liens and outside interests on the property which, when added in, make the value of the auction be much less than expected.

Hope that helps and good luck to you with your bidding!

Edited by Dimitry Alexander Kaplun on 1/21/2010 at 7:11 AM EST

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
 
 
 

Meet The Experts:

 
 
 
  • Tina

    Lawyer

    Satisfied Customers:

    4813
    16 years of legal experience including real estate law.
< Last | Next >
  • http://ww2.justanswer.com/uploads/MU/multistatelaw/2011-11-27_173951_Tinaglamourshotworkglow102011.64x64.jpg Tina's Avatar

    Tina

    Lawyer

    Satisfied Customers:

    4813
    16 years of legal experience including real estate law.
  • http://ww2.justanswer.com/uploads/LA/lawpro/2012-6-25_171315_PT206740s.64x64.jpg Law Pro's Avatar

    Law Pro

    Lawyer

    Satisfied Customers:

    6227
    20 years extensive experience in real estate law, foreclosure, finance, and landlord tenant law.
  • http://ww2.justanswer.com/uploads/BA/barristerinky/2012-6-10_22423_office.64x64.jpg Barrister's Avatar

    Barrister

    Lawyer

    Satisfied Customers:

    4966
    13 years real estate, Realtor. Landlord 24+ years
  • http://ww2.justanswer.com/uploads/LA/LawTalk/2012-6-6_17379_LawTalk.64x64.JPG LawTalk's Avatar

    LawTalk

    Attorney

    Satisfied Customers:

    4446
    I've more than 27 years legal experience. Additionally, in CA I held a Real Estate Broker's license.
  • http://ww2.justanswer.com/uploads/RA/rayanswers/2012-6-7_23346_Untitled1.64x64.jpg Ray's Avatar

    Ray

    Lawyer

    Satisfied Customers:

    4030
    Texas Attorney for 29 years dealing in real estate
  • http://ww2.justanswer.com/uploads/PH/philip.simmons/2012-6-7_161915_BIGPhilipSimmons.64x64.jpg P. Simmons's Avatar

    P. Simmons

    Lawyer

    Satisfied Customers:

    2377
    12+ yrs. of experience including real estate law.
  • http://ww2.justanswer.com/uploads/mnphillips2/2009-03-13_203105_10984459-249293407.jpeg Phillips Esq.'s Avatar

    Phillips Esq.

    Attorney-at-Law

    Satisfied Customers:

    2355
    B.A.; M.B.A.; J.D.