Q: Regarding Default Judgments In Real Estate
When a property management company obtains a judgment , but afterwards sales property and does not transfer the judgment to new ownership is the debtor still liable? Read somewhere that once a property is sold in Illinois the judgment has to be transferred to new ownership since previous owners no longer have interest.
A: A judgment in favor of a private party that is recorded is enforceable against the debtor for 7 years. It does not matter that the property has been sold. If you owe your landlord rent, and they get a judgment for rent and record that judgment, that judgment is enforceable and can be collected for 7 years after the date of ENTRY, not recording, by the creditor (the party who the judgment is in favor of).
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