After you get your judgment and you cannot, or do not want to collect it by yourself, or pay an attorney to try to recover your judgment; you may wish to try to sell it. A judgment isn’t like a gold bar or a car or a house, and it can’t be traded for cash at a bank or used for collateral on any loan or sold on EBay. The potential worth of any judgment is based only on your judgment debtor.
My articles are my opinions and are not, legal advice. I am a judgment referral expert, and not a lawyer. When you ever need legal advice or a strategy to use, please contact an attorney.
One can’t locate judgment buyers in a telephone book, although this does not mean much as telephone books are becoming obsolete. The web is full of judgment buyer companies and many promise to pay the most for judgments, but contacting them is very often a waste of time and most do not respond at all.
As you start your attempt to find a judgment purchaser, you need to have information about the debtor. The address where they were served notice of the lawsuit at, and the debtor’s approximate age at least. No one purchases a judgment over the phone, and all price quotes depends on learning exactly who the debtor is. To locate a possible judgment buyer, there are 4 choices:
1) Look for a buyer by yourself. Use the www, or get advice from your attorney or somebody else you know, about finding a judgment purchaser. This method can turn out to be really frustrating and time intensive. of searching, talking on the phone, and sending your judgment to folks may go by, failing to successfully locating a buyer. Most judgments are tough and cannot be sold, and many also cannot be recovered.
2) Use a judgment marketplace to list your judgment at. You must have a copy of your judgment. Sometimes it is free of charge, sometimes you have to pay them to list your judgment. The problem is this is a passive service, and any buyers there aren’t going to have a track record; and judgment buyers failing to complete the sale is a problem. And, it does not matter what anybody says, what purchasers will pay just depends on your judgment debtor, and the majority of judgments sell for under 5% cash upfront.
3) Pick a judgment referral expert or broker to find a buyer. You need to provide the copy of your judgment. The judgment referrals are free to you, and you get referred to purchasers with a verified performance record. And, if you aren’t satisfied with that referred purchaser’s buying quote, the judgment broker can hook you up with other buyers and experts to attempt to collect the judgment on a future-payment contingency basis. Judgment brokers know the track record of the best future payment contingency recovery professionals, where you pay nothing, and don’t need to assign your judgment.
4) Recently I found a new (to me) site, www.NationalJudgmentBuyers.com. Unlike most other sites, they seem to not require you to provide a copy of your judgment. However, I am certain that even they will not ever buy your judgment without seeing a copy of your judgment at the court, verifying the status there, and performance due-diligence on your debtor.