What it is:
A judgment lien allows a debtor does not pay his or her .to take possession of a piece of a 's property if the
How it works/Example:
Let's say John Doe owns a pit
Judgment liens are also common in cases where a person's insurance doesn't cover the full amount of a judgment resulting from damages in a car accident or other situation.
There are different kinds of judgments. A judgment, for example, occurs in favor of the plaintiff when the defendant fails to appear in court to defend himself or does not respond to a summons. A deficiency judgment occurs when the sale of a seized piece of property does not generate enough to pay the judgment and the court has to place a on more property.
Why it matters:
The laws on judgment liens vary by state and by jurisdiction. However, the intent of most judgment liens is to compel the borrower to repay the creditor.