If you are owned money, you have the right to go to court and get a money judgment. Should the debtor not pay the judgment, you have the right to place a lien on the debtor’s property in an effort to collect. As a creditor of record, when the debtor sells or refinances the property in question, the debt owed is paid from the proceeds. When a lien is recorded against the judgment debtor’s property, you are in effect telling prospective buyers that the owner of the property in question owes you money. Although the process appears to be straight forward, the truth is only 20 percent of judgments are collected. Selling your judgment for cash is a practical solution.
It is to the benefit of the creditor to use a property lien to collect a judgment. The process involves little effort or expense. However, aggressive collection methods may push the debtor in declaring bankruptcy, a situation that is best avoided. Debts of this nature will invariably be wiped out in bankruptcy, leaving the creditor with nothing. The significant disadvantage of using a lien to collect a debt is the time it may take to collect, or you have not been able to locate the debtor’s assets. In situations like this, Mayflower Judgments can help. Mayflower Judgments will purchase the judgment for cash. You get the money without having to wait.
Getting a judgment against a debtor is far easier than collecting it. Winning the lawsuit is one thing. Collecting the judgment is another thing altogether. If you do not want to face the problems associated with collection, you can sell the judgment. If your lien qualifies, a company that offers real estate judgment services will make you a cash offer. Selling your judgment is an ideal way to convert it from something that you may never collect to cash.
