The judgment recovery business is a process of identifying and collecting money or property favoring a creditor. An individual may decide to do all this work, but it is easier to contract a professional. We will look at the ways that the judgment recovery business operates and the importance of collecting a judgment for your company. The judgment recovery specialist usually takes up the ownership. It is known as taking up the assignment and he becomes the new creditor. When the professional takes up the new role, they look at a few things. They conduct investigations on the debtor and look at the debtor’s credit report. When you collect a judgement for your business, there are few tips to consider.
In the judgment recovery business, it is critical to have a plan to be successful in terms of collection. It is important to perfect your lien rights. It means getting an interest in the debtor’s property. This prevents the debtor from filing for bankruptcy or transferring property to another entity. Once you file for lien rights, it is pretty difficult for the debtor to try the aforementioned actions. You have to be well educated in other collection actions that include bank levies and wage garnishments. These are some of the ways of going about this business.
The advantage of using a professional judgment recovery company is that it saves you time and money. Contacting the debtor through calls or hiring an investigator to follow up costs time and money. Besides, obtaining and enforcing a judgment is costly. It is often better to assign it to another entity.
In the end, it is vital to consider hiring professionals that are judgment recovery experts to handle the collection process. It saves you energy, and helps you avoid stress. Selling or assigning your judgment saves you a lot, especially when you find a company that suits your needs. These companies are well-equipped to recover your debtor’s money. As we know, the collection is often not easily accessible.
How Does a Deed of Trust Differ from a Mortgage?
With traditional mortgages, a legally binding agreement is made between two parties: a borrower and a lender. The borrower is the person or entity purchasing the property, and the lender is usually a financial intuition that loans the money to finance the property.
If payments aren’t made to the lender, the property can be foreclosed upon. In order to foreclose on a property, the lender has to go through a judicial process which can take time to make its way through the courts.
A Deed of Trust is an alternative option, but it’s only available in some states. Currently, there are 15 states that allow Deeds of Trust, with California being one of them.
Deeds of Trust differ from traditional mortgages because along with a borrower and lender, a third party is involved in the agreement. This third party is known as a “Trustee.”
A Trustee doesn’t hold any interest in the property. They are usually a company, investor, or person that holds the title of the property until the loan is satisfied between the borrower and lender. And unlike a traditional mortgage agreement, a Deed of Trust foreclosure doesn’t have to go through the courts, which can expedite the foreclosure process.
Selling Deeds of Trust for Cash
If you currently hold a Deed of Trust and receive a stream of recurring payments, you can turn your deed into cash.
Common Reasons for Selling a Deed Trust for Cash
- Wanting cash to pay off debts or have cash for investments
- Freedom from collecting payments
- Heirs or beneficiaries can’t come to an agreement on the property
- The property’s value has declined
- Taxes are delinquent
- Having to deal with a “bad” borrower
Selling your Deed of Trust to a company that specializes in buying Deeds of Trust like Sell My Judgments allows you the financial freedom of not having to wait for monthly payments from the Borrower. Instead, you get a lump sum of cash upfront.
What if the Borrower Stopped Making Payments?
If you’re dealing with a situation where the borrower isn’t making monthly payments as outlined in the initial agreement, this is known as a non-performing note.
The good news is that Sell My Judgments specializes in buying non-performing notes.
We Buy Deeds of Trust
Contact Sell My Judgments today to discuss your particular situation and see how we can purchase your Deed of Trust to free you from your obligation and get you the cash you need.
No one wants to go to court. But sometimes, you have to sue someone to get them to pay you what they owe you. After going through an often lengthy legal process, if you win, the court will award you a judgment for a certain amount of money. The judgment is a court order telling the debtor to pay you the money. Unfortunately, it is up to you to take action to actually collect your money. The judgment enforcement process can be long and complicated. In fact, more than 80 percent of court-ordered judgments go uncollected. If you have a judgment, you need the help of a company that offers professional judgment recovery services.
Judgment Recovery Services
Most people simply don’t have the time or expertise to collect on their judgments. Enforcing a judgment involves tracking down the debtor, locating assets and then trying to place a lien or levy on any assets that can be legally attached. This can be a time-consuming and expensive process that often ends unsuccessfully for most people. However, if you have been awarded a judgment, don’t lose hope. Creative Judgment Solutions Inc. offers professional judgment recovery services with no up-front fees.
Creative Judgment Solutions Inc.
Creative Judgment Solutions (CJS) offers several affordable options that you can choose from when it comes to enforcing your judgment. First, you can assign your judgment to the company and they will attempt to collect it on a contingency fee basis. They will do all of the work and pay all of the fees involved in the judgment enforcement process. When they are successful, they will receive the previously agreed upon commission and the rest of the money goes to you. The good thing is that you don’t have to pay anything unless they are successful.
You also have the option of selling your judgment outright to CJS. In this case, you will sign over all of your rights to the judgment in exchange for an agreed upon amount of money. CJS can then enforce the judgment as if they were the original judgment owner. If you have been awarded a judgment, contact Creative Judgment Solutions Inc. to turn your judgment into cash.
Winning a legal judgement is a momentous moment for anyone. The process of getting there could take months or even years to achieve. Unfortunately, the process of getting paid can be equally taxing. This is why there is a whole industry built up around the concept of selling a judgement.
One may choose to sell a judgement in order to obtain their money faster than they would get it if they had to wait around for the legal process to run its course. That can be an economically sound thing to do when times are tight financially. After all, the person who has won a settlement has had to do a lot of battle in court to reach that point. It is not cheap to take a case all the way to court like that.
Selling a judgement is a process in itself as well. To do so one must first list a judgement that they have to sell on a public marketplace where interested parties gather to check out the offers. Once they have done this, then they start to review the letters of interest from various parties to see which ones stand out as the most promising. Those individuals are then contacted and a negotiating process can take place.
A party purchasing a judgement obviously wants to get it for as little money as possible. That is why you have to stand tough on some offers and only accept a price that you really believe is fair. If you show some flexibility, then some of the buyers may try to take advantage of this. They are in the business to make money for themselves. If you give them that window of opportunity, they are going to take it.
Once you do have the deal all together with the interested party, you will need to take it to the court to get it approved. They have the final say on the sale, but they are often accommodating about these types of things. Just ask the judge to review the deal and they will be able to make sure that it is legal and fair to all parties.
Enforcing judgment is often a process that a busy business just doesn’t have enough time to do. However, failing to do that can leave your business without thousands of dollars that you are entitled to have. There are a few things that you can do if you have judgments but you don’t have the collections staff or the time to chase the debtors down. You can liquidate your judgments and turn them into cash using one or both of these methods:
Selling Your Judgments
Selling your judgments is a quick way to relieve yourself of the responsibility of collecting the funds and to get a decent sum of money in your pocket. A specialist can give you a cash offer on the judgment or judgments that you have, and you can either accept it or reject it. If you accept it, then you will receive payment for the judgment, and the specialists will take it from there. You don’t have to worry about the judgment anymore after you sell them. They are not your problem. Many companies find this to be the best solution.
Let Someone Else Handle Them
Another thing that you can do is make the decision to let some specialists collect your judgments. Collection specialists will do their due diligence in enforcing judgment. They will try to find out crucial information to get your judgment paid. If the specialists are unable to collect the judgment for you, then you will not have to pay one penny.
Get a Consultation Today
You can call and speak to someone who can help you decide which method is best for your business. It doesn’t matter if you only have one judgment that you need to be settled or if you have a lot of judgments from customers. Don’t hesitate to make an appointment with a consultant today. Alternatively, you can complete a short form and give up some information like the case number, defendant’s name, amount and any other information that pertains to the judgment you are trying to collect. You’ll receive a quote, and then you can decide the best way to proceed.
Why you might want to sell court judgment
Many people think that being awarded a court judgment in a lawsuit means you get the money right away. However, it can take awhile to get your judgment money. Also, courts often allow those hit with a judgment to pay it off in installments over time, which means that it could be years before you get the full amount awarded to you. In such a case, you might want to look into how to sell court judgment.
How do you sell a court judgment?
There are companies that will buy court judgments from people. The thing you have to keep in mind is that if you sell court judgment, you will get less money. The companies buying the judgments will not pay you the entire amount, which is how they make money. You can expect to pay anywhere from 25 to 50 percent of the judgment amount to sell it.
Why would you want to sell?
Why would anyone want to give up one-fourth to one-half of their court judgment? In some cases, people may be in dire financial straits and can’t wait months or years to receive their full judgment payout. In such a case, it can be better to get $50,000 now than receive $25,000 year for the next four years. Selling a judgment can also help to initiate closure. Being able to take the money right away and be done with the case can be a lot better than having to drag it out over several years to receive payments.
If you are considering selling a judgment, there are some things you want to keep in mind. For one thing, you want to know exactly how much you are going to have to give up. You also want to make sure the company buying the judgment is taking on all the risk and you can’t later be liable for additional money if the company encounters problems with the defendant against whom you won the judgment.
Selling a court judgment can be the right choice, but you have to make sure you understand what you are giving up.
Negotiate with the Debtor
What do you know about the debtor? If you are uncertain he can pay the judgment in full, you have options. You may be able to reach an agreement to pay the debt out over time or to settle for less than the full amount. This method requires the debtor to be willing to discuss the matter, but in many cases, the debtor becomes a ghost, never to be seen again.
You can petition for a levy of the debtor’s bank accounts. A levy is sent directly to the bank and can capture whatever is in the account at that moment or over a set period. Of course, that means you must know the bank name and bank account number. Consequently if the debtor shares that account with someone else, you may face extra headaches in procuring your fair share. Another consideration is you have no guarantee there is money in the account to recover.
Real Estate Lien
A real estate lien places a claim against the debtor’s property; however, you have to wait until the debtor decides to sell the property to collect. Additionally, you may not be the only person to hold a claim. You may only get paid after the debtor’s mortgage holder and any other individuals or business who are collecting on a judgment.
You can petition the authorities to garnish the debtor’s wages, provided you know where he works. And as long as he stays at his job, you have a good chance collecting what is due you. Futhermore, many debtors have been known to quit instead of live in reduced wages. Do you really want to keep tabs on the debtor for the months if not years to get to get paid?
Sell the Judgment
Finally, if you do not know the debtor well enough to successfully levy, lien, or garnish payment, you have options. Consider selling the judgment to professionals who are better equipped to investigate deadbeats and to successfully collect the monies owed. While you will not receive the full value of your judgment, you will find resolution and be able to move on with fewer headaches and more money in your pocket.
Now that you have obtained a judgment worth a significant dollar value. The next step is to take the necessary measures for collecting judgment money owed to you. There are a number of exciting avenues through which you can make efforts to accomplish this goal. Then you can cash in on your judgment.
Read up on the FDCPA Laws
When it comes to collections, you are required by law to operate in accordance with the Fair Debt Collections Protection Act (FDCPA). Becoming familiar with what you can and cannot do by law when collecting judgment money is not just smart to know, it is the law. Fortunately, the FDCPA is a fairly straight forward document to read. It is intended to help collectors and debt owners know their rights and responsibilities under the law.
Petitioning By Mail
When it comes to collecting money owed to you through an acquired judgment, sometimes it is best to jump right into the process. You can do this by sending the person who owes you money a letter. First contact is a very important step. You just want the person who owes you money to know that you are very approachable and are ready to receive payment. In the letter you will want to introduce yourself or your company, establish that according to your records they owe you money. Let them know you have acquired from the name of the original party, state the amount owed and invite them to contact you if they have any questions or issues that need to be addressed. This includes providing the recipient of the letter with your contact information at the end. When you send this letter, be certain to send it by certified mail with return receipt. This allows the recipient to know you mean business without being negative towards the recipient. Remember, in this business you have to be firm, but you want to also keep it professional!
Make an Offer They Cannot Resist
Another letter you can send to entice a person to pay up quickly on a judgment is to offer the recipient a discount. Sometimes, simply making the goal of paying off a debt more attainable for the recipient, is just the ticket to getting paid. While you are still retaining enough profit for your efforts. Never underestimate the power of an enticing debt discount to a person. The person in debt typcially want to avoid being bothered with further collection efforts. This might just be the easiest way to get people to pay up and pay up fast. Remember, when sending out mail offers to a person who owes you on a judgment, always make it easier for them to pay you by including a self addressed, stamped envelope for them to use. The trick to collecting on a judgment is to remove as many barriers as possible to encourage rapid payment.
You’ve gone to court and gotten a judgment against someone that owes you money. That’s great, but it’s only the beginning. The next step is collecting the judgment. Here are our four tips for how to collect on a judgment:
Hey, it can’t hurt to try. Some debtors pay their debt when they receive a professional letter asking them to pay. Make it clear to them where to pay and how much they owe.
Find Assets that are Accessible
If your debtor is employed, you can file a wage garnishment. You file certain paperwork with the person’s employer, and the employer has to pay you directly from the person’s wages. There are specific rules for when this is allowed and how much you can garnish, so it’s important to read your state’s laws carefully for how to collect on a judgment.
Bank accounts are another great place to look. You can ask the court to allow you to take money directly from a person’s bank account. Like wage garnishments, there are specific rules for each state, and it’s important to follow them.
A Debtor Exam
If you’re not sure where your debtor might have hidden assets, some states allow you to conduct a debtor’s exam. In that case, a person has to testify under oath about all of their assets. This is also a good time to talk to the person face to face about creating a plan to satisfy the debt.
Sell your Judgment
Sometimes, it’s not practical to wait to collect on the judgment. You might need money right away. You might not know all of the ins and outs of state laws and garnishment procedures. If that’s you, you might consider selling your judgment.
There are companies that are in the business of buying civil judgments. You sell the judgment for a price that works for you both. You’re done worrying about the judgment. These companies have professionally-trained experts that work on collecting the judgment. You just enjoy your cash as soon as you make the sale.
A court judgment is a good start, but it’s just a piece of paper. The sad reality is that most judgments aren’t actually collected. If you’re working on an enforcement of judgement, here’s what you need to know:
Some property is exempt
You can go after a person’s assets to try to satisfy your judgment. If they have classic cars, a coin collection, famous art or really anything of value, you can try to seize it to satisfy your judgment. However, keep in mind that certain property is exempt.
The exact rules vary by state, so it’s important to read up on the local laws. In some states you can take vehicles, and in other states you can’t. There might be exemptions for household furnishings. Once you’re clear on what you can seize, personal property can be a helpful way for enforcement of judgement.
You can look at real property, too
If you have a judgment, you can place a lien on a person’s real property. That means that if the person sells the property, you get paid before they get anything from the sale. Again, each state operates a bit differently. In some states, a lien automatically attaches when you have a judgment. In other states, you have to register the lien with the right government office.
Consider an assignment order
Most people get a tax refund. If a person owes you money, you might be able to get their refund before they do. This can apply to other types of irregular funds that people receive such as commissions or dividends. If the person you have a judgment against doesn’t perform regular work for pay, this can be a great way for enforcement of judgement.
Work with a collection company
If you don’t have the time, knowledge or energy to do all of the tedious collection work, you might want to work with a judgment company. There are companies that buy your judgment from you. You can leave the tedious collection work to them and have immediate cash in your pocket.