Judgement Liens On Home

[zoezoe]

What is the name of your state? NJ

I have 2 Judgement Liens on my home, from some lousy collection agencies, which are NOT valid, but thats a long story that no one here wants to listen to....anyway i have no intention of paying these slugs 1 penny but i am in the process of moving , i have 2 mortagages on my home totaling $325,000 and the house is worth $400,000 (or so depending on the market) .....what is the best course of action to stay a step ahead of these thugs....i have tried to fight the judgements and have them vacated, but waited too long to stand up for myself (very foolish i know) and now it seems impossible to get rid of these judgement liens which total $50,00 and with the market not being very liquid or fluid at present, would i be better off not paying my mortagage, taxes etc and letting the foreclosure process begin in 4-6 months time....i have good but not great credit ,so i am not as concerned about my credit as the rest of the world (in my opinon public has been brainwashed to fear its credit score)....at present i prefer to worry about my CASH and how to hold on to it.....
if i sell the home i will be paying expenses for as long as it takes to sell home, pay real estate agent commissions and have those judgement liens staring at me in the face before i see a penny from the sale
if i decide to stop paying the taxes, mortgage, etc... and go down the foreclosure brick road, do i stand a better chance of seeing that $75,000 in equity i have (understanding that a good part of it will be eaten up by not paying over the next 6 months or so but i am HOLDING on to my CASH)
SO if i do not consider credit score to be a big deal and do NOT want to pay these liens (as much for principle as to keep MY MONEY), my question is ......
which scenario do i have a better chance of keeping MY MONEY/EQUITY and NOT paying these judgements(yes i may be crazy, but you have to know how these judgments went down to understand)
A. Just Sell The House for the $325,000 and not use a real estate agent (i take it the judgements will NOT get paid if i sell at the 2 mortgage amount...correct ?) but i am giving up alot of equity here !!!
B. Stop paying Taxes, Mortgages, Utilities and Let Foreclosure start hopefully as Long Away as Possible and the equity i am "saving by not paying" will be eaten up and not paid to the judgement liens

Thanks for reading and any helpful answers

What is the name of your state?NJ

[nextwife]

How much could you RENT the place for?

You can't sell now without paying off the liens. No buyer will want a house with unpaid liens, nor will their lender allow it to close, realtor or not, without paying them off. Besides which, it would be fraud to not disclose, then proceed to sell and close and leave them on the property. You could have potentially waited until the liens expired, and, if they were not renewed, you could then sell without paying them off.

[zoezoe]

so am i understand you correctly, EVEN if i sell home for amount of mortgage owed $325,000 , I STILL CANT SELL THE HOUSE ?????
with all due respect that doesnt make much sense , as if i sold for $325,000 where would the $50,000 come from and why would the banks let the house go to foreclosure instead of letting me sell it (these are credit card judgements and were never secured credit)
(i am NOT trying to screw anyone, except judgements and i would never lie to a buyer to help myself)

yes i guess that is option C. rent the home for time until liens are removed (but i dont really want to be a landlord)

What is the time frame for judgement liens as i have been told 7, 10 and 20 years ......i get so many different opinions and answers, i dont think anyone really knows and i have tried to be as well informed of my options but it has been very hard with so many conflicting opinions/answers

[nextwife]

Whatever clouds are against title must be cleared to sell the property. That makes perfect sense. Believe it or not, I've seen sellers come to closing with cash to complete a closing and avoid foreclosure if a "short sale" could not be negotiated.

It was your responsibility to deal with your creditors. An unpaid debt can become a lien on title. One that is irrelevant to the value. v If unpaid, that lien PRECEEDS the buyer's interest. No sane buyer will want to have your lien on their newly acquired home. It MUST be paid off and released to sell!

Call a local title company and talk to their examiner about your lien and at what point in time they would not show it as a debt (if not renewed) that they require be paid off.

[zoezoe]

Ok Thanks for your help, its much appreciated..so it seems that selling the house at this time will NOT be an option for me

SOOOOOO.....what about foreclosure, how does that process work in regards to judgements liens and what order does it go as far as taxes, utilities, mortgages (2), MYSELF and judgement liens.....

i have actually been told that if back taxes are paid and both mortgages are paid at foreclosure , whatever is left over goes to ME and NOT the judgement liens....i would think that is false info, but i have been told twice that it is correct and is why i am even thinking foreclosure as option ( along with not having to sit waiting for house to sell and paying a realtor commsision)

I have also been told that if someone ELSE pays the taxes and pays the liens at foreclosure and perhaps even pays for upgrades , i can still come in after the fact and payoff my house and this person looking to make a score on my equity , will be out ALL that money, as i still have first right to home if i am able to pay debts within 20 days

its all so confusing/frustrting but i really DONT want to pay these judgements (take my word i am being robbbed) and will do everything i can not to !!!

Its starting to look like that renting the home MAY BE BEST OPTION (all though not one i am looking forward to)...once again thanks for taking the time to answer above questions

[nextwife]

The longer you are in default, the deeper is the hole you are digging. Adding legal fees, interest penalties, etc.

While managing property may not be your PREFERENCE, perhaps you should really explore that as your best option.