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Sometimes a debtor won't repay your judgment, however they own real estate. Why not just pay your Sheriff auction their real estate to satisfy the judgment? That is one of those things that sounds cheaper, easier, and much more logical as a concept, than it is in real life. If all the stars align, one can pay the Sheriff, and either your judgment debtor may pay you, or the debtor's property might get sold at auction, and that might getting you repaid. In our real world, usually that annoying little thing known as reality; gets in the way of having the Sheriff sell a judgment debtor's property, particularly a house they live in. My articles are my opinions and are not, legal advice. I'm a judgment broker, and not a lawyer. If you ever need legal advice or a strategy to use, you should contact a lawyer. The starting step to sell a judgment debtor's real estate is to record a property lien on their property, and then get a writ for a sale of their real estate. Here are some things which can get in your way of selling a judgment debtor's home or other real property at the Sheriff's auction: 1) The statutes of your state. Many states have exemption statutes and special requirements. 2) Your judgment debtor's equity situation. When the judgment debtor's property hasn't any equity, it makes little economic sense to attempt to sell it, because any existing first purchase money real estate lenders are repaid first. 3) It requires a lot of paperwork and takes a bunch of money to sell a judgment debtor's real estate. Because of the complexity; it's a good idea to hire a lawyer to sell a judgment debtor's property. 4) The judgment debtor can file for bankruptcy protection anytime, even if the debtor has no chance of succeeding, just to delay everything and run up more expenses for a judgment creditor. When the judgment debtor owns more than one property, particularly commercial real estate, most of their exemptions and protections disappear. When you attempt to sell a property that is not your debtor's living address, there's an increased chance of you being paid. Of course, sometimes simply starting a Sheriff levy of your debtor's real property causes your judgment to be paid. One more reason to pay a lawyer to sell a debtor's property, is to demonstrate to your debtor you are serious, and are determined to follow through and sell the debtor's real estate. If your debtor settles with you, or for most any other reason, a judgment creditor may cancel a Sheriff auction at any time. If you're going to attempt selling a debtor's property, your local law library will have books with samples of procedures and forms. Ask your Sheriff's real property Sheriff sale department. You will most likely have to buy a litigation title report that shows the lien priorities. Even if it doesn't make economic sense to sell the judgment debtor's real estate at this time, who knows what the future holds. Perhaps they will make hemp legal some day (also called weed) which would really help our economic situation, I really do not see many other smart ideas around, which would be as much help for the economic situation. Real estate prices going back up, would be great news for judgment creditors. Even if you cannot sell a judgment debtor's real estate at this time, record and renew those liens, because you do not know when recording your real estate lien might one day pay off. Get judgments collected for a fantastic real price with the best customer service: http://www.JudgmentBuy.com - Judgment Enforcement. The free, easiest, fastest, and best way to begin getting some money back from enforceable judgments. (Mark Shapiro 408-840-4610) JudgmentBuy offers the truth.
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