Posted by Ben on August 27, 1999 at 09:34:50:
As a judgment gets older the chances of successfully collecting on it become more remote. Information on the debtor becomes stale, they move, change jobs, die, go bankrupt, etc. Then the statute of limitations kicks in, making it even less desirable. It may grow on paper but that has little to do with its value on the secondary market.
Awarded Judgement (Such thing as Judgement Buyers?) - Posted by Derek (NC)-Korea bound…
Posted by Derek (NC)-Korea bound… on August 26, 1999 at 13:36:59:
After a short eviction process We’ve been awarded in excess of $2k from a judement against a tenant/buyer…are there people who has the patience to purchase these judgements, for xx value of the judgement?
just asking…any advice is appreciated…
Korea here I come…
Re: Awarded Judgement (Such thing as Judgement Buyers?) - Posted by Ben
Posted by Ben on August 26, 1999 at 20:46:16:
If you are going to sell it do it now because the older a judgment gets, the less valuable it becomes.
Ben
Re: Awarded Judgement (Such thing as Judgement Buyers?) - Posted by Randy D. Peña, Las Vegas, New Mexico
Posted by Randy D. Peña, Las Vegas, New Mexico on August 26, 1999 at 19:25:17:
Judgments are property. You can sell them, trade them, negotiate them, forgive them, or whatever you want to.
What you need to do before you try to sell it is to make sure that you get post-judgment interest. That is not automatically awarded, but it will be given to you if you ask the court for interest. But you have to make sure you ask for interest.
In New Mexico, judgments are good for 14 years. Then you can renew it for another 7 years. And if you know what you are doing, you can renew for another 14 years by suing the defendant for not paying the judgment, and you will get another 14 years plus the accumulated interest.
But yea, your judgment can be sold. But be expecting to get very little for it. You can also call in the “judgment debtor” in to court under the rule “Post-judgment discovery” and you can find out where his or her assets are and start with executions and garnishments.
Good luck!!!
Randy
Re: Awarded Judgement (Such thing as Judgement Buyers?) - Posted by John(NH)
Posted by John(NH) on August 26, 1999 at 13:52:48:
Sure people buy them, but usually 10 to 15 cents on the dollar unless they own real estate…
-John
Re: Awarded Judgement (Such thing as Judgement Buyers?) - Posted by Randy D. Peña, Las Vegas, New Mexico
Posted by Randy D. Peña, Las Vegas, New Mexico on August 27, 1999 at 01:39:28:
I disagree with that (the older a judgment is, the less valuable it gets). In New Mexico, a judgment can earn 8-3/4% interest of post-judgment interest. If you sued on a contract and the contract provides for a different rate of interest such as 4% or 15% or 18%, etc., then you get the interest rate that is allowed on the contract.
A 10 year old judgment, with interest will be almost double of the original judgment amount. The rule of 72 will help you figure it out (roughly). The rule of 72 means that if you are collecting 15% interest, you will double your money in as many years as it takes for 15 to reach 72. So you divide 72 by 15 and you will double your money (at 15% interest) in about 5 years.
I would suggest that you motion the Court or request that the Court add that your judgment accumulates interest.
Good luck!!!
Randy
Email Me Randy - Posted by DougO(NM)
Posted by DougO(NM) on August 30, 1999 at 11:05:53:
I need some help up there in Vegas. I tried to Email yo but it cam back. If you see this please email me your phone number. Thanks.Doug