Whenever you get a judgment, it’s possible to file a lien. Some creditors prefer to seek real estate judgments. They do this in hopes that the property will be sold one day. This is because a sale will allow them to recover past due amounts. At times, creditors are even able to force the sale of a property to recoup their payment. Learn more about the process behind a judgment lien on real property.
Establishing the Lien
The creditor must go to court to obtain a lien on the property. How this process carries, out depends on the laws in a particular state. Next, the creditor will have to file the judgment in the county where the property is located. The court in that county will need to authorize a lien to recoup money owed on the judgment. At some point, the judgment can be purchased by Mayflower Judgments. This is a great way for creditors to get immediate access to cash. Otherwise, the creditor may have to wait years on end to receive money from a real estate sale.
Seeking Payment on a Judgment Lien
There are a few different ways a creditor can get paid with real estate judgments. In rare situations, the creditor can force a sale to ensure that the money owed is received. The creditor can also wait for a foreclosure to happen. During a foreclosure, a judgment lien on real property must be satisfied. Finally, the debtor may decide to pay the lien off so that he or she can refinance or sell the home. As described above, it is also possible to sell the judgment. This is often the quickest way to get paid.
The Easiest Solution
The best thing to do when you have a judgment is to take immediate action. You can’t expect to wait until there is some sort of activity on the property. It makes a lot more sense to sell your judgment to cover your costs.
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