I'm writing to this forum because I found the participants to be far more knowledgeable than any other forum I have experienced.
My question is this, I acquired real property in California, but later discovered that the previous owner had a judgment against them, which is now attached to my property. I contacted the Judgment creditor, and they have agreed to take a discounted pay-off. However, if I agree to a partial satisfaction of judgment, the Judgment creditor will take a pay-off at 50% of the original judgment debt amount.
I'm trying to make sure I have the correct understanding of the partial satisfaction of judgment, as opposed to a full satisfaction of judgment. Its my understanding that a partial satisfaction of judgment removes the judgment from the real estate it encumbers, but allows the creditor to attached the balance of the judgment to the original debtor (who was the previous owner of the property, not me), or property acquired or transferred to the original debtor in the future, for collection of the balance of the judgment debt.
As I only need the Judgment removed from my property in order to sell it, I have no problem with the creditor retaining the rights to go after the previous owner, who is the original judgment debtor, for the balance of the judgment amount. Do I have the correct interpretation of the partial satisfaction of judgment? Also, if anyone can cite the California Codes Of Civil Procedure, which defines the parameters of the partial satisfaction of Judgment, that would be appreciated. Thank you.