A judgment on real estate is a legal procedure that happens when a debtor is no longer able to meet their financial obligations. After a judgment, a creditor can place a lien on a debtor’s property, which gives the creditor a legal right to that asset.
However, just because a judgment is handed down, doesn’t mean that a creditor will actually get the money they are owed back. That is why many opt to sell a judgment to a third-party company. Here are a few reasons why this is the best thing to do when you are in this situation.
Receive a Faster Payout
Even after a judgment on real estate is handed down, it can still take a very long time for the money to be repaid, and a lien is just a temporary reprieve if you need that money right away. When you sell a judgment to a capital company, you get paid right away. That is more helpful than waiting for the day when a lien might yield a pay-out.
Selling Cuts Through the Red Tape
Unless you are a professional real estate lender, understanding how judgments, liens, and other real estate legal decisions work is just another headache. Selling a judgment to a company such as Mayflower Judgments simplifies your problems because handling the legality and red tape passes on to them. You just receive your payment. Plus, most capital companies are ready to explain exactly how the procedure works.
