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TJI have a confession of judgement as a personal guarantor, with

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Hello TJ I have a confession...
Hello TJ
I have a confession of judgement as a personal guarantor, with writ of execution filed by the bank, in Philadelphia Court of Common Pleas. The Banks colateral was held in an LLC name, but the property was destroyed in a fire, and after insurance is the mortgage is upside down. I understand the judgement exists over all real property in the County. I read about In Rem v. In personam leins. If I attempt to sell one of my properties, which net proceeds are less than the full judgement amount, what would happen? I understand that I could not walk with proceeds, but could other legitimate creditors be paid from the proceeds? Thanks in advance for your consideration.
Submitted: 2 years ago.Category: Real Estate Law
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Answered in 9 hours by:
5/14/2015
Real Estate Lawyer: Maverick, Lawyer replied 2 years ago
Maverick
Maverick, Lawyer
Category: Real Estate Law
Satisfied Customers: 6,425
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Welcome! My name is Maverick. I very much enjoy what I do and I hope that you will benefit from this information.
The escrow agent will have a duty to payoff the liens in the order of their legally assigned priority [this usually means in the order they were filed] before giving you the balance of the sales proceeds.
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Customer reply replied 2 years ago
The answer was adequate, but general, it did not address the question as stated, merely opting to provide the a generic though factually accurate answer. My question stated that the property was upside down meaning, that proceeds would not be remaining. The information regarding the escrow agent priority of liens by date was accurate. Thanks for addressing my question.
Real Estate Lawyer: Maverick, Lawyer replied 2 years ago
If I attempt to sell one of my properties, which net proceeds are less than the full judgement amount, what would happen?
The above tends to indicate that the property you would be selling would have proceeds that would be available to apply towards the payment of the judgment.
If the property you are wanting to sell is upside down then the whole issue is moot because any proceeds from the sale would go FIRST to pay off the mortgage on that property because it is the first lien in time. The judgment lien against as it may related to another debt would be secondary to the that mortgage lien.
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