I got a judgement last year for $30,000 plus attorney fees. I was scammed by this guy in a real estate deal. He had several properties in his name when I pursued this. I need to find out if th is guy still has properties and want to put a lein on them and force the sale /and take money out of his bank account…I already spent money on the attorney to get the judgement and I really don’t want to spend more. Does anyone know of a agency or an attorney who could finish the process but would be willing to take their payment out of the money collected?
In which state and county was the judgment issued? PM me and I will see if I have a judgment recovery professional in my rolodex that can help you pursue your judgment collection.
You have probably already realized that there is no law that requires a judgment debtor to pay his debt. In most states, a judgment automatically creates a lien on any real estate the judgment debtor may own in the county. In my state of SC, a judgment is good for ten years and can be renewed once for another ten years. Your state probably has a similar timeline. As long as the judgment is in force, the real estate lien is in effect. As a general rule, the judgment debtor has not defaulted on your lien (since there is no requirement to pay it in the first place), so you can not force a sale or a foreclosure.
You can, however, use the judgment in an attempt to garnish wages (if your state allows it), levy bank accounts, or intercept payments due from third parties.
Many judgment recovery professionals won’t require you to spend any money up front. They will often work on a contingency basis for up to 50% of the recovered amount after deducting their expenses. Depending upon the judgment itself, the difficulty in collecting, and the length of time that recovery may take, you might want to consider just selling your judgment at a discount to a judgment recovery professional who will then assume all the costs of collection and the risk of not collecting anything at all before the judgment expires.
I was scammed by this guy in a real estate deal. He had several properties in his name when I pursued this. I need to find out if th is guy still has properties and want to put a lein on them and force the sale /and take money out of his bank
You can sell the judgment to a collections attorney. You get paid up front and he takes the risk of collection.
Thanks for the responses. I never new I could sell it to an agency and get paid up front. What percentage do they usually purchase the judgement for? Does anyone have someone they can refer me to?
The judgement was in TX. The attorney who did this for me said that I could put leins on his non-owner occupied properties and force the sale. Is this not correct?
A collection agency will take 50% of whatever they collect at no cost to you. Some attorneys will work for a piece of what they collect or they may just want their normal rate and give you anything that is collected. Those who buy judgments will may a small fraction of the total value.
Judgments are generally purchased at a generous discount. It would not be uncommon for someone to offer you 10 cents on the dollar. Whatever discount you take depends upon what you are willing to accept. The discount could be negotiable.
My knowledge of Texas law is superficial at best, although my understanding is that a judgment filed with the county clerk in any county where a debtor owns property automatically establishes a lien on that property. If the debtor owns property in more than one county, the judgment will have to be filed in each county where the debtor owns property.
Texas is a community property state, so there may be an opportunity to levy or seize marital property held in the spouse’s name, unless specifically prohibited by law.
It is also my understanding that this lien is a judicial, non-voluntary lien, and can’t be foreclosed. Instead, it stays in effect as long as the judgment is in force – ten years, and can be renewed for another ten years. If the property is sold or refinanced while the lien is in effect, then you get paid. Liens also accrue daily interest from the date of award.