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 Lucy, Esq. Your Own Question
Lucy, Esq.
Lucy, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 29994
Experience:  JA Mentor
Type Your Real Estate Law Question Here...
Lucy, Esq. is online now
A new question is answered every 9 seconds

I am a joint owner in a parcel of real estate which is

Customer Question

I am a joint owner in a parcel of real estate which is impacted by three judgments against my name, but not against the actual real estate. Two judgments are from one bank, and the third from another bank. Can I pay all proceeds from the sale to one bank and neglect the other? Or, is a priority of settlement and amount paid determined by chronological order of filing and size of claim. There are not sufficient funds from my share of proceeds from the sale to satisfy any of the judgments.
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  Lucy, Esq. replied 2 years ago.

My name is ***** ***** I'd be happy to answer your questions today.
The liens are paid in order of when they were placed. That's the incentive the law gives people to place the liens when they get them. So, if the proceeds of the sale aren't enough to satisfy the first lien, the first bank will get all the money.
You are free to negotiate with the banks that placed the other liens to see if they will agree to release the liens and allow the sale if you pay some smaller amount of money. Sometimes, if the option is a little money now or spend years hoping for more, they'll take the sure thing.
It's important that you are 100% satisfied with my courtesy and professionalism. Thank you.

Related Real Estate Law Questions