Just a general question.
Let's say a bank takes a defaulter to court and gets a possession order for a house that has one or more judgement mortgages registered against it.
The bank will take possession and will try to sell it. What happens to the judgement mortgages that are on the house? Does the bank have a good title in order to sell or will the bank have to discharge the the JM's before attempting to sell it? Or would the JM's have to be paid from whatever the bank gets thus increasing any potential shortfall?
Just curious about the processes involved.
Let's say a bank takes a defaulter to court and gets a possession order for a house that has one or more judgement mortgages registered against it.
The bank will take possession and will try to sell it. What happens to the judgement mortgages that are on the house? Does the bank have a good title in order to sell or will the bank have to discharge the the JM's before attempting to sell it? Or would the JM's have to be paid from whatever the bank gets thus increasing any potential shortfall?
Just curious about the processes involved.