A judgment lien on real estate is like any other type of property, which allows it to be bought and sold to other people legally. Not only is it entirely possible for these judgment liens to be bought and sold, but it is also turning into quite a booming industry for a variety of reasons.
When you sell a judgment to a place such as Mayflower Judgments, you give the acquiring company the right to take your place as the judgment creditor. Any steps they take to enforce the judgment will be in their name since they will now be the owners of the judgment.
Research the Companies
Once you decide to sell your judgment lien on real estate, you must do your homework and evaluate judgment collecting firms. You want to find companies that are recognized for treating clients properly and offering the greatest fees. Consider the judgment buying firms’ reputations, user evaluations, peer recommendations, years in business, testimonials, and success stories.
Get Terms in Writing
Ensure that you have a formal contract with your judgment collecting agency that demonstrates that both parties have consented to the transaction. In this formal contract, the essentials should be clearly stated, including the price, how payment will be made, what papers the creditor must supply, and that the creditor will not be responsible for enforcement after the sale has been completed.
Sign the Paperwork
Most judgment purchasers will send you a few pages of paperwork to sign and return overnight or by e-mail. In many cases, they will ask for specific information about the judgment, including a docket number and the name of the courthouse. If you are selling the lien for cash, they will also include a check with the paperwork you must return.
