Facebook Twitter Instagram
    Trending
    • 42 States Added Construction Jobs During the Past 12 months
    • Fewer Adults are Planning to Purchase a Home
    • Top 10 Housing Markets Most Affordable for Renting
    • Zumper’s National Rent Report for January ’23
    • New Home Sales Up 2.3% in December
    • Pending Home Sales Up 2.5% in December
    • U.S. National Debt Surpasses $31 Trillion
    • Top 10 Real Estate Markets for First-Time Homebuyers in 2023
    Twitter
    Real Estate Investing Today
    • Home
    • RE Journal
    • ROI Magazine
    • National REIA
      • National REIA
      • Find a REIA near you!
    • Podcasts
    • Housing Data
    • Contact Us
    Real Estate Investing Today
    You are at:Home»Real Estate Blogger»The Rockingwell Sheriff Sale Judgment

    The Rockingwell Sheriff Sale Judgment

    0
    By Daniel Hart on December 28, 2022 Real Estate Blogger

    The Rockingwell Sheriff Sale Judgment
    by Daniel Hart

    I noticed an upcoming auction on Rockingwell Boulevard, which is a neighborhood I am pretty familiar with. A credit card company, whom had been awarded a judgment for an unpaid balance, had initiated foreclosure on a property in an attempt to recover their money owed. This particular property consisted of two parcels, one with a house and one with empty land.  As the owner’s name was on both, the credit card judgment stuck to both parcels. At first glance there was a large bank mortgage that ate up all the equity. However, at a closer inspection of the legal description on the mortgage I realized that the mortgage only encumbered the parcel with the house.

    This meant that the sale proceeds at the auction would go to the creditor, and that their judgment against the parcels would be removed. Once it was removed, the parcel with the house would still have a large mortgage and no equity, but the parcel with the land might not. Except, it did. There were other judgments on both parcels that would remain. Only judgments awarded after the foreclosing judgment would be wiped away, and since the foreclosing judgment was low on the list there would still be a few judgments that would stick to both parcels.

    The parcel with the house was going to remain without equity no matter what, but the empty land looked like it may have promise. After a full title search it was revealed that there were indeed superior judgments that would remain, and that they exceeded the land value of $20,000, but in time they would expire. If I was willing to wait, this land would eventually become free and clear, but it would take 7 years. I went to the auction and no one attended, as they were under the assumption that there was no equity to be had. For just $110 I purchased both the house and the land. I deeded the house to a friend who specialized in low-equity properties, and I kept the empty land.

    I forgot about the land. I marked it in my calendar so that I would check on it 7 years later, and indeed I did. Seven years later I emailed my favorite closing attorney and requested a title search. He said “all the judgments have fallen off, and it’s now free and clear.”  Music to my ears!  I listed the property for sale at $19,000 and sold it quickly for full price. All it took was a little research, and a bit of patience, to clean up a property title and turn $110 into $19,000.

     

    Daniel Hart, Owner of Hart Homes and author of The Real Estate Roadmap (available on Amazon) has been investing in New Jersey and North Carolina real estate since 2004, and has purchased over 100 properties, almost all using creative financing strategies to create passive income.  He is a former board member of the Metrolina REIA in Charlotte, NC.

     

    Share this:

    • Click to email a link to a friend (Opens in new window)
    • Click to print (Opens in new window)
    • Click to share on Twitter (Opens in new window)
    • Click to share on Facebook (Opens in new window)
    • Click to share on LinkedIn (Opens in new window)
    • Click to share on Pinterest (Opens in new window)
    • Click to share on Reddit (Opens in new window)

    Related

    Daniel Hart

    Daniel Hart, Owner of Hart Homes and author of The Real Estate Roadmap (available on Amazon) has been investing in New Jersey and North Carolina real estate since 2004, and has purchased over 100 properties, almost all using creative financing strategies to create passive income. He is a former board member of the Metrolina REIA in Charlotte, NC.

    Related Posts

    42 States Added Construction Jobs During the Past 12 months

    Fewer Adults are Planning to Purchase a Home

    Top 10 Housing Markets Most Affordable for Renting

    Comments are closed.

    Emergency Rental Assistance
    Action Alert HR 5013 – Seller Finance
    https://youtu.be/WP-IAtGnPsQ

    Click here to visit the National REIA Legislative Action Center.

    Stay Informed!

    Simply enter your email address in the space below to receive our latest posts right in your mailbox! It's FREE!

    Join 2,508 other subscribers
    Podcasts
    podcasts
    Survey of the Quarter:
    • Most Recent Posts
    February 1, 2023

    42 States Added Construction Jobs During the Past 12 months

    February 1, 2023

    Fewer Adults are Planning to Purchase a Home

    January 31, 2023

    Top 10 Housing Markets Most Affordable for Renting

    January 31, 2023

    Zumper’s National Rent Report for January ’23

    Benefits of Joining National REIA
    Click here to find a REIA!
    The Latest issue of the RE Journal
    REJ cover winter 22-23
    Follow us on Twitter: @REI2Day
    My Tweets
    Keyword Search
    Real Estate Investing Today
    National Real Estate Investors Association
    2755 Mansion Place
    Crestview Hills, KY 41017
    888-762-7342
    www.NationalREIA.org
    Top 100 Real Estate Investing Blogs & Websites on the Web
    Categories
    About Real Estate Investing Today

    Real Estate Investing Today is the news aggregation site for the National Real Estate Investors Association (NREIA) and features news & industry updates to help investors stay informed. Learn more at www.NationalREIA.org

    Media Inquiries

    Media Inquiries Click here

    Copyright 2022 Real Estate Investing Today

    • Home
    • News
    • Legislative
    • Market Trends
    • Residential
    • Data
    • Rentals
    • Crowdfunding
    • Legal
    • Regulations & Taxes
    • Infographics
    • Technology
    Copyright 2022 Real Estate Investing Today
    • Home
    • News
    • Legislative
    • Market Trends
    • Residential
    • Data
    • Rentals
    • Crowdfunding
    • Legal
    • Regulations & Taxes
    • Infographics
    • Technology

    Type above and press Enter to search. Press Esc to cancel.