Selling house and time is running out.

What is the name of your state? AZ

Hello,
We (my wife and I) selling our house. The closing is on 09/15/04. So far so good. The Escrow company who handles the closing told me that I have a Judgement (by default) against me. The Judgement is $20,000, what would be not that bad to pay of with the equity we will get out of the sale. Now the Escrow company tells me that just recently another Judgement was issued against me (amount $ 60,000) (judgement is 1 week old) what is now devastating for us. They also told me that this surpasses the equity that the close of the escrow will not happen.
Both Judgement are stated as following " including his marital community with JANE DOE and severally" .
I have found out that there is no fisical Lien against the property. Just 2 Judgement (one over one year old), but no Lien against the property.
My questions are: Does the Escrow company have to pay off those Judgement? Could i transfer the whole equity amount into another property (what we are buying)? Are there any alternatives i have in such short period of time? Should i simply file Bankrupcy (Chapter 13 i think)?

[HomeGuru]

Originally Posted by rebima

What is the name of your state? AZ

Hello,
We (my wife and I) selling our house. The closing is on 09/15/04. So far so good. The Escrow company who handles the closing told me that I have a Judgement (by default) against me. The Judgement is $20,000, what would be not that bad to pay of with the equity we will get out of the sale. Now the Escrow company tells me that just recently another Judgement was issued against me (amount $ 60,000) (judgement is 1 week old) what is now devastating for us. They also told me that this surpasses the equity that the close of the escrow will not happen.
Both Judgement are stated as following " including his marital community with JANE DOE and severally" .
I have found out that there is no fisical Lien against the property. Just 2 Judgement (one over one year old), but no Lien against the property.
My questions are: Does the Escrow company have to pay off those Judgement? Could i transfer the whole equity amount into another property (what we are buying)? Are there any alternatives i have in such short period of time? Should i simply file Bankrupcy (Chapter 13 i think)?

**A: I suggest you see a real estate attorney right away.

Originally Posted by HomeGuru

**A: I suggest you see a real estate attorney right away.

I have an appointment on Monday... but time is short. Still don't know what to do is best.

[HomeGuru]

Originally Posted by rebima

I have an appointment on Monday... but time is short. Still don't know what to do is best.

**A: I don't know either since I am unable to review your sales contract, escrow instructions, title report, judgements, lien check etc.