In SC, a judgment is a lien on any real estate owned by the judgment debtor (it is secondary to any mortgage or previous lien). I believe this is the law in most other states. Judgment liens differ from mortgages in some ways. When you do not pay the mortgage, you have a right to foreclose on the property. A judgment lien does not give you this right in the same way. There are procedures to ask the court to sell the property to pay the judgment, but the procedures are not as definite as foreclosure, which is based on a contract, not a judgment. Also, and most important, most states provide for exemptions from execution on judgments. In SC, 50,0000.00 of a debtor's residence is exempt from execution on a judgment.
Answered on Dec 06th, 2013 at 8:03 PM