Judgment on a Property: What it Means
Placing a judgment on a property is time-consuming; waiting for that debt to be collected may take years. Contractors and businesses often can’t wait for the owner to want to sell the property or for the owner to pay the debt. Sometimes the debt is never collected. If the property goes into foreclosure, it may be a longer and more extensive process arguing with the bank about debts owed.
The Process and the Costs Associated
A judgment on a property costs money above and beyond the cost of the debt. The creditor has to pay an employee or file the judgment themselves with the court. Time is money. There also may be a filing fee that cannot be included on the lien when submitting the debt to the Register of Deeds. Where is the property? The creditor has to submit the judgment to not just any Register of Deeds, but to the local Register of Deeds. This process costs the time to travel to that local office or the time to research online where to submit the judgment.
So What Is the Solution?
If the creditor cannot wait financially for the lien to be paid, there are options. There are various companies that offer to buy a judgment on a property, such as Mayflower Judgments. Companies such as these will assess how much is owed and offer payment, sometimes in cash, within days. Rather than waiting years hoping to receive the collected debt, this allows companies to reclaim the money owed quickly and continue to grow their businesses.