One more please - why would there be an Abstract Judgement against somebody on their house?

I

IrvineCitizen_IHB

New member
Say from Toyota Motor Corporation? So if you have a Land Cruiser and don't make payments they attach your debt to your house? Why not just take your Land Cruiser back from you for non-payment? Are there still repossessors or is that an antiquated industry?
 
If you owe $30k on the Land Cruiser, and TMC takes it back, but sells it for $20k at the auction, then an abstract judgment can be filed for the $10k difference. Granted, I am no attorney, but that is my understanding of it, because I wondered the same thing the first time I came across it.
 
I am not a lawyer and this is just speculative information. Everything I write is for information purposes only. You should obtain a lawyer for legal advice.





I think that the buyer will take the property subject to the lien, or it would be paid off in escrow. If a car company repossesses a car, it does not extinguish the loan because usually it will sell several months later for a lower price, and a judgment obtained for the difference. A friend told me of his situation where he bought the car for 11k, had it repossessed and sold 6 months later for 4k. So basically what graphix said ^^
 
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