Judgment Negotiating

ilovemydogs · 01-12-2008, 08:57 AM

Quote:

Originally Posted by joedirt

I guess what Im asking is can I just go to the OC, make them an offer. Im thinking they have been waiting 5 years now, if I offer them 50 cents on the dollar because Im relocating to China or something they may accept it just to get rid of it. My only hitch is, do you think they will call the lawyer they used to do the court stuff ( same lawyer for all the stuff ) because he may put it all together and tell them to get the full amount and the interest over 5 years. Thats what Im trying to avoid.

I would not offer that much. No more than 25 percent. I also would make sure that the money you paid is satisfied in full so they cannot sell transfer or trade.I know you mentioned you want to buy real estate,but it may be better to take your chances and not opt to settle as why wake them up? If they do awaking on their own, THEN you can negotiate..: )

ILMD

ILMD

Enigma · 01-12-2008, 09:46 AM

Quote:

Originally Posted by ilovemydogs

I would not offer that much. No more than 25 percent. I also would make sure that the money you paid is satisfied in full so they cannot sell transfer or trade.I know you mentioned you want to buy real estate,but it may be better to take your chances and not opt to settle as why wake them up? If they do awaking on their own, THEN you can negotiate..: )

ILMD

ILMD

Not a wise move IMHO. Once you became an investor in real estate you have attachable assets. If he/she purchases more than one property, depending on the state, then that property might possibly be foreclosed on.

If you have money to purchase real estate, then use that money to unencumber yourself from any and all matters that could haunt you.

YMMV....

ilovemydogs · 01-12-2008, 10:46 AM

Quote:

Originally Posted by Enigma

Not a wise move IMHO. Once you became an investor in real estate you have attachable assets. If he/she purchases more than one property, depending on the state, then that property might possibly be foreclosed on.

If you have money to purchase real estate, then use that money to unencumber yourself from any and all matters that could haunt you.

YMMV....

Yes, all you say is true,and you are wise, however if he has the money, and they wake up he can pay it off then. I guess it would depend on how long the judgement can last, and if he is about to buy.
As for foreclosing, his debts are small and he would be able to pay off before foreclosing I should think.
I know for me If I felt I was *haunted* then I would offer the minimum and see what they say, then go from there.
I'm a gambler though.
A few years back I was being dunned for over 300K, and I didn't want to do bankruptcy, and I have taken care of all the debts except two,(which are pending now)and I am dealing with)out of over 12,with negotiating at the last minute for at MAX 10 percent of what the OC CO was.
The fact that they never have done anything for five years seems like they have put this on the back burner .
I see that they are all medical debts. One thing that should be looked at is if on the CR's they say what the debt was for as is that not a violation?
ILMD

spinn · 01-12-2008, 12:24 PM

Think of the tax deductions for mortgage interest that will be lost if a property is not purchased.

If the mortgage is $2,000/mo times twelve months that is $24,000, which is almost entirely interest in the first year.

I have seen others say do not purchase when a judgment is out there or pending.

I do not agree with that. I would rather pay off a lien than give them everything up front.

apexcrsrvc · 01-12-2008, 12:50 PM

Quote:

Originally Posted by drivel

Sure. I'm saying that the OP can hire an attorney to negotiate all his judgments. Then, when he gets the bill from the attorney, he can ignore that one as well until the attorney gets a judgment. At that point, he can settle the judgment.

Discounts all around!!!

Pssssssstttt, LMAO!!!!!

ilovemydogs · 01-12-2008, 01:01 PM

Quote:

Originally Posted by joedirt

Im in CT. No I have not heard boo from anyone. Its been 4 plus years. Im told that they are waiting for me to try to buy real estate. I do not own real estate now. As far as the hospital Im not sure if its a for profit or not, I assume it is for profit. One is for the hospital one is for the anesthesiologist one is the doctor
and one is the lab.

I was self insured and when I would need medical care I would tell them that I am a self insured person and need to get the rate that the insurance company is going to be given.
Then if I still got a huge bill, I would call hospital, lab accounting and tell them that I am self insured and would like a consideration on this bill. They usually will ask "How much can you pay right now" I go for half and then it is a done deal IME.

ILMD

joedirt · 01-15-2008, 06:39 PM

Wow...this is all very helpful. The thing is, I want to buy a home. Thats why I spent the last 18 months cleaning my credit up, The judgments are the last of it, but wont the mortgage broker make me pay the judgments up front?? Or at least make them say "Satisfied"

jlynn · 01-15-2008, 06:45 PM

Yes, most any mortgage broker will not loan money for real estate with out judgments being satisfied.

Enigma · 01-15-2008, 09:44 PM

Quote:

Originally Posted by ilovemydogs

Yes, all you say is true,and you are wise, however if he has the money, and they wake up he can pay it off then. I guess it would depend on how long the judgement can last, and if he is about to buy.
As for foreclosing, his debts are small and he would be able to pay off before foreclosing I should think.
I know for me If I felt I was *haunted* then I would offer the minimum and see what they say, then go from there.
I'm a gambler though.
A few years back I was being dunned for over 300K, and I didn't want to do bankruptcy, and I have taken care of all the debts except two,(which are pending now)and I am dealing with)out of over 12,with negotiating at the last minute for at MAX 10 percent of what the OC CO was.
The fact that they never have done anything for five years seems like they have put this on the back burner .
I see that they are all medical debts. One thing that should be looked at is if on the CR's they say what the debt was for as is that not a violation?
ILMD

Depending on his state of residence, the SOL for a judgment could be a very long time. For example, FL 20 years plus the year of filing.

If he were in FL, and if he purchases property, it will certainly wake up his creditors. If that property is his main residence, it is attachable, but can not be foreclosed on. If it is not his primary residence, then it is attachable and it can be foreclosed on.

So, if he has the funds now, pay it off and move on. Why would one bring such bad karma on themselves?

joedirt · 01-15-2008, 10:06 PM

Enigma...this link started with me asking how to pay off these judgments at a negotiated rate. And who do I contact to negotiate. Im more concerned with the interest that a lawyer may ask for. I have the money to pay in full I really was just asking who to talk to without going through the lawyer.

What did you mean about " karma "

Enigma · 01-15-2008, 10:45 PM

Quote:

Originally Posted by joedirt

Enigma...this link started with me asking how to pay off these judgments at a negotiated rate. And who do I contact to negotiate. Im more concerned with the interest that a lawyer may ask for. I have the money to pay in full I really was just asking who to talk to without going through the lawyer.

What did you mean about " karma "

The interest is set by state law. The judgment docs will have the judgment amount and at what interest rate it accrues at.

Unless the attorney is the judgment creditor, there is no need to contact the attorney.

By karma I mean, if you try to purchase real estate with an open judgment, bad things may happen.

ilovemydogs · 01-16-2008, 08:04 AM

Quote:

Originally Posted by Enigma

Depending on his state of residence, the SOL for a judgment could be a very long time. For example, FL 20 years plus the year of filing.

If he were in FL, and if he purchases property, it will certainly wake up his creditors. If that property is his main residence, it is attachable, but can not be foreclosed on. If it is not his primary residence, then it is attachable and it can be foreclosed on.

So, if he has the funds now, pay it off and move on. Why would one bring such bad karma on themselves?

He already has the judgements . Do you believe that when you have a judgement you still can negotiate and get them removed?

jlynn · 01-16-2008, 09:36 AM

Thats hard to do unless they are vacated. The OC doesn't have control of the reporting of the existence of a judgment. But as long as a Satisfaction is filed with the court, and they are marked as such, then that won't stop him from getting RE loans.

Enigma · 01-17-2008, 12:13 AM

Quote:

Originally Posted by ilovemydogs

He already has the judgements . Do you believe that when you have a judgement you still can negotiate and get them removed?

It happens all the time. I will approach a judgment creditor saying, client has $XXX. Client does not expect to have additional funds in the foreseeable future. If you accept clients offer of $XXX.00 as full accord and satisfaction for your judgment, you will enter a Stipulation with the Court noting same. Further, if you are reporting the judgment to the CRA's you will delete.

This works most of the time. As far as reporting to the CRA's you have to understand how the process works.

The Courts nor most county records divisions report directly to the CRA's. Dolan, parent company of Lexis/Nexis hires college kids/retirees/etc to search the court records and county record filings.

You dispute the judgment with the CRA, they will of course say it verified. You do a procedurals request, they'll say something like "it was verified with the court". You write to the court: "on xx/xx/xx did XXX CRA contact you in regards to xxxxxxxxx." The court will write back saying no.

You then contact the CRA, writing "xxxx court says you never contacted them regarding xxxxxx. Enclosed is proof. Now delete or I sue."

In my experience +/- 80% of the time it works. The other times it gets filed.

joedirt · 01-17-2008, 06:12 PM

Enigma...Thank you...that was the post I was looking for all along. The mortgage broker I spoke to said they need only be "SATISFIED". Im not pushing the delete thing. Do you think I need a lawyer to do this or is it something you feel can be handled by a novice. I was thinking about going 50 cents on the dollar. The only thing Im concerened with is the letter of Satisfaction and some kind of letter I can have them sign when I hand over the cash.

Enigma · 01-18-2008, 10:28 PM

Quote:

Originally Posted by joedirt

Enigma...Thank you...that was the post I was looking for all along. The mortgage broker I spoke to said they need only be "SATISFIED". Im not pushing the delete thing. Do you think I need a lawyer to do this or is it something you feel can be handled by a novice. I was thinking about going 50 cents on the dollar. The only thing Im concerened with is the letter of Satisfaction and some kind of letter I can have them sign when I hand over the cash.

You can do it. Call the judgment creditor and say something like, "dude, I recently came in to some cash, but it ain't much I can pay this off today if you will accept $xxx.xx" You get the idea.

The smaller judgments will most likely not take 50 cents.

joedirt · 01-21-2008, 06:43 PM

Enigma...do u know if there is a specific form I need to have filled out or should I stop in my local Small Claims Court and ask them. I would love to leave the office of the OC's with this form all signed and notorized.

Enigma · 01-21-2008, 10:39 PM

Quote:

Originally Posted by joedirt

Enigma...do u know if there is a specific form I need to have filled out or should I stop in my local Small Claims Court and ask them. I would love to leave the office of the OC's with this form all signed and notorized.

SATISFACTION OF JUDGMENT

The undersigned, the owner and holder of that certain final judgment rendered in the above-captioned civil action, dated .........., recorded in .................... County, Official Records Book ..... beginning at Page ....., does hereby acknowledge that all sums due under it have been fully paid and that final judgment is hereby satisfied and is canceled and satisfied of record.

DATED on .....................
Judgment Owner and Holder (or their attorney)