Because I work at a judgment lead referral company, I talk with many people about their judgments. Most folks have no idea that their judgments are not guaranteed, and that most judgments are worth very little cash upfront. This article is my opinion, and not legal advice. I am a judgment broker, and am not a lawyer. If you ever need any legal advice or a strategy to use, please contact a lawyer.
Most creditors do not want to spend more money trying to recover money on their judgments. Most want a recovery or purchase solution that does not require them spending money. My job is to match such creditors with judgment buyers and recovery experts and attorneys.
From my experiences, I have learned not to do very much work until I have a copy of the judgment, what is known about the debtor, and most importantly; until I have verified that the creditor has a realistic understanding about their judgment situation.
I screen dozens of judgment leads every day from hundreds of sources. Most judgment owners are shoppers that contact a lot of people, before eventually and potentially choosing a recovery or purchase option. Often, I get the same judgment lead fifty times over a year.
Some people who refer judgment leads to me have asked me, why doesn't every creditor follow through to get their judgment recovered or purchased? Some have also asked me, why do we require creditors to look at my web site before we help them?
The reason many creditors do not begin the process of getting their judgments recovered or purchased, is because they are stuck in modes of wishful thinking, hesitation, or shopping. The reason I ask all creditors to first look at the front page of our web site, is so they can read some basic facts about judgments. Having people (that have access to computers) look at our web site, is a test to see if they are ready to get their judgments recovered or purchased.
Although I work hard to research and find the right solution for every judgment, I do not want to waste anyone's time, especially mine. When creditors are not told the truth, or will not accept the truth, nobody can help them. These four beliefs can prevent creditors owning average judgments, from ever having a chance of getting any money from their judgment:
1) "What, I have to assign my judgment? No way!" Unless your debtor has obvious available assets, often assigning your judgment is the only chance of getting any money for your judgment, over the long term (without spending your own money).
2) "What, I have to pay 50% of what may be recovered to get my $2,000 judgment collected? No way!" The costs to recover judgments is increasing every year. It can easily cost $500 or more to recover a judgment, so on small judgments, the charge is almost always 50%.
3) "What, they can't guarantee recovery in 30 days? No way!" Judgment recovery cannot be accurately timed, and if your judgment debtor does not have obvious available assets, there can be no short timetable.
4) "What, they will not pay me 50% cash upfront? No Way!" The average judgment sells for 1-7% of its face value. Only the debtor's current and future available assets might be used to repay a judgment. Unless your judgment debtor is Apple computer or Bill Gates, nobody ever pays anything close to 50%.
In my experience, the truth about average judgments cannot be absorbed by many people. It seems many creditors spend years failing to find a buyer or get any recovery of their judgment; before they will finally believe their judgment is difficult to recover. Successful judgment-related companies get so many judgment leads; they do not have the time to attempt to inform stubborn creditors who have not yet, or refuse to, smell the coffee.
Get your judgment recovered at the best real price: http://www.judgmentbuy.com/ - Judgment Enforcement. The free, easiest, fastest and best way to start recovering enforceable judgments. (Mark D. Shapiro 408-840-4610) JudgmentBuy offers the Truth.
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