judgment against home in NY

[timh]

Hello and thank you for reading.

I own a home in NY. Because of my business going under years ago (thank you internet boom/bust) a judgment was placed against my home. I have a few questions, I am hoping someone can steer me in the right direction.

BTW: the judgment is large (over 100k) and I am told in NY they are in effect for 10 years and they do not automatically renew. According to my most recent title search I have 18 months to go before it expires.

so my questions are:
1. What are my chances it will not be renewed?

2. Is there a time period between expiration and renewal I can use to my advantage?

3. I am thinking of trying to refinance my first mortgage and possibly offering a really low-ball settlement to pay it off (I could only afford $.10 on a dollar).
I'm wondering if I should let sleeping dogs lie and wait it out.

The only thing else I can think of that might be considered: I am divorced and my ex is still on the mortgage and I know the the original bank was bought - so the owner of the judgment has changed a few times.

Thank you in advance,

 

[seniorjudge]

1. What are my chances it will not be renewed?

A: I don't have ESP...I have ESPN.


2. Is there a time period between expiration and renewal I can use to my advantage?

A: GENERALLY, once a judgment expires, it is very hard to get it renewed (if, in fact, not even possible).


3. I am thinking of trying to refinance my first mortgage and possibly offering a really low-ball settlement to pay it off (I could only afford $.10 on a dollar).
I'm wondering if I should let sleeping dogs lie and wait it out.

A: Your call; if it were me, I'd try to get it settled.