Real estate judgments can be difficult to remove once they are attached to real property. A valid judgment can also prevent the certain property from being sold.
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In simple terms, a judgment is an order from a court that states one party owes money to another party. The judgment can be attached to property which makes it a real estate judgment.
A judgment lien can be attached to your property only after someone sues you and wins a judgment. The judgment states that you owe a specific amount of money. In many states, the person who filed and won the lawsuit can then record the judgment with the county clerk of court.
Real estate judgments affect the property located in the county in which the judgment was recorded. This makes it difficult and expensive to sell the property.
It is important to remember that real estate judgment liens have an expiration date. The expiration date can be different depending on the state it is recorded in, however, generally, after seven to ten years, the judgment will expire if it is not renewed.
Debtors can prevent judgments by paying the creditor in full or by filing for bankruptcy which is called lien avoidance. Filing for bankruptcy will only allow certain judgment liens to be removed.
Another way to prevent a judgment is not to ignore the paperwork that is delivered to you when a lawsuit is filed. Avoiding the paperwork can allow the creditor to receive a default judgment for everything they ask for. Debtors should dispute the debt which means the creditor must prove the debt belongs to the debtor.
And last, debtors can make a repayment plan with the creditor. Talk to the creditor before a lawsuit is filed and ask for a repayment plan.
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