If you filed a lawsuit, and the judge agreed with your position, you will be awarded a judgment against the individual or private entity who owed you money. Having won the judgment does not necessarily mean you will be paid. What the judgment does do is give you the legal right to collect. Financially sound entities will pay the judgment entered against them. However, not every person or small business is financially sound. When all efforts to collect fail, the creditor has the right to attach the assets of the debtor, including real property, and turn to a company that advertises, we buy judgments.
A judgment lien is a court ruling that gives the credit the right to take possession of debtor’s assets, including real property. The lien is imposed after someone sues you and wins a monetary judgment. Unsecured debt includes credit card balances, personal loans, medical bills, etc. A creditor that has been awarded a judgment has the right to collect. If the payment is not forthcoming, the creditor can attach the wages of the debtor and place a levy on the debtor’s bank accounts. These attempts at collection often fail. The creditor can then resort to more aggressive action, including selling the judgment. Mayflower Judgments do not charge a fee, and when the arrangement is complete, the creditor is paid in cash.
Collecting a judgment lien on real property can be time consuming and expensive. Often, the creditor has so much accumulated debt that making good on a judgment is not a high-priority item. In a case like this, the creditor has every right to seize the debtor’s unprotected assets. A creditor often decides not to pursue collection, unless the debtor has considerable equity in the property. It is at this time when the course of action often is to sell the judgment for cash.
