Offering to sell a judgment is not similar to selling your home. When selling a house, the more folks that know about it, the better chance for being paid a better offer. Selling your judgment is more like selling your old vehicle; the sale price is dependent on its model, age, any damage; and preferably a professional's estimate from a mechanic.
My articles are my opinions and are not, a legal opinion. I'm a judgment broker, and not a lawyer. If you want legal advice or a strategy to use, you should contact an attorney.
The price paid for a judgment does not depend on your requirements or who you send the judgment to; it depends on what State, the age of the debtor, and the debtor's assets and situation. The majority of judgments cannot be sold for cash up-front for enough money to make the judgment creditor happy.
The potential price paid for a judgment has nothing to do with the price you want to be paid or what company you talk to; what matters is due diligence done on your judgment debtor which proves they have some assets. If your judgment debtor is not known or cannot be located, has killed the judgment with bankruptcy, is poor, died, hidden all their available assets, or is some company out of business for years; no one will buy your judgment for cash up-front.
If you want to try to sell your judgment, the starting step is to be certain you've got, and can send the correct documents; which begins with a copy of the judgment. A default judgment will usually sell for less as they are weaker. With a default judgment, also provide a copy of the court stamped proof of service that first noticed the debtor of the lawsuit.
Besides the judgment, you must provide what you know concerning your debtor(s), as few times as possible. When your debtor is a person, helpful information includes how old they are, address, full or partial social security number, and whatever assets or income the debtor may have. For companies, their website, their address, their potential income and assets, and the most important of all, are they still in business?
What will you get for your judgment for a cash up-front sale? Because of the risks and uncertainty of recovery, cash upfront judgment sale prices are always a small percentage of the judgment's face value. It all depends on the debtor, and an average judgment sells for 1-7% cash up-front. When your debtor(s) are rich you might be paid paid more.
Usually, the best chance to get the most from a judgment, is with a future pay contingency collection expert, who will pay you at least fifty percent of what they recover in the future. Especially when you do not have to assign your judgment, a future pay recovery expert is most often the best option for the majority of judgment owners. If your debtor(s) are wealthy, you can get paid quickly with a future contingency pay basis.
How many judgment buyers or judgment buying-related websites should you share a judgment with, to get a potential purchase quote? It does not matter how many you send your judgment to, it all depends only on your judgment debtor's circumstance. Lots of judgment owners waste a lot of time attempting to be paid more than their judgment is actually worth.
Consider a judgment broker. They are free to you, and using one means you just need to send the information once. This is important, as you should not over-share the judgment debtor's personal information. A judgment broker does all the comparison shopping for you, and keeps all personal information private.
Brokers know the performance track records of the best judgment buyers that actually and reliably pay for judgments. Another more advantage of a broker is when the judgment ends up being the kind which no one will buy with a cash upfront basis, or offer enough for the judgment; judgment brokers know the best contingency recovery professionals.
Other choices are to look on the internet for buyers of judgments, but do not be tricked by those "fifty to seventy-five percent cash upfront offers" because such advertisements are lies. Such companies have never paid that much, and only buy about one percent of any judgments sent to them. Most often, the buyers will not buy your judgment. One more option is a judgment marketplace, however however this is most likely not free to you, and the judgment buyers there are usually the raw public, with unknown track records.
Article Source: http://www.abcarticledirectory.com
Mark D. Shapiro of: www.JudgmentBuy.com - Your fastest and easiest free way to find the right professional to buy or recover your judgment.
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