| What
are the Procedures After a Foreclosure Judgment is Entered? |
Generally,
at the time the final judgment of foreclosure is entered,
the court will set a foreclosure sale date, time, and location.
The proceeds from the foreclosure sale will be first applied
to certain post-judgment costs incurred by the lienor and
to the judgment amount owed to the lienor. Any remaining
funds in excess of the foreclosing lienor’s costs
and judgment award would be distributed according to the
priority of other interests in the property. The foreclosing
lienor is entitled to bid on the property and has a “credit”
for bidding purposes in the amount of the final judgment,
plus its foreclosure sale costs.
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DISCLAIMER
AND CAUTION: THESE MATERIALS ARE PROVIDED FOR GENERAL INFORMATIONAL
PURPOSES ONLY AND ARE NOT INTENDED NOR SHOULD THEY BE CONSTRUED
AS LEGAL ADVICE AS TO ANY PARTICULAR SET OF FACTS OR CIRCUMSTANCES.
DUE TO THE COMPLEXITY OF THE CONSTRUCTION LIEN LAW STATUTES
AND THE CASES INTERPRETING AND APPLYING THE STATUTES, IT
IS RECOMMENDED THAT COMPETENT LEGAL COUNSEL BE CONSULTED
IN REGARD TO ANY QUESTIONS AS TO THE APPLICABILITY OF CONSTRUCTION
LIEN LAW TO ANY SET OF PARTICULAR FACTS.
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