Posted by Joe Kaiser on August 23, 2006 at 13:08:50:
I only dream of having the problem.
Joe
How Would You Approach This Judgment Holder? - Posted by IB (NJ)
Posted by IB (NJ) on August 17, 2006 at 21:25:46:
I’m buying a property from the estates of 2 people: Lisa and Minnie.
Minnie died in 1993 while Lisa died in 2004. The problem is that Minnie has a judgment stemming from a lawsuit against her back in 1990.
Minnie inherited the house from her Uncle David, who died in a car accident in 1986. About 6 mos. after his death, David’s wife, Jill, who he separated from 15-17 years prior, finds out that he’s dead and goes after the house he lived in. Minnie, determined not to allow Jill a chance to get once red cent allows the house to go to foreclosure effectively wiping Jill’s judgment from the house (another family member brought it at the auction so the house ended up staying in the family).
Jill sues and is somehow awarded a $80k judgment against Minnie in 1990.Minnie dies in 1993. However, at the time of David’s death, he also owned another property which Minnie inherited before dying. This property is the one I’m attempting to buy now. I run a judgment search and low and behold, Jill’s judgment is still there (in NJ, it’s invalid after 20 years if it’s no renewed).
Jill now lives in Jersey City. My thinking is to approach her without stirring up any bad blood and memories. My thoughts is that she probably thinks that because Minnie is dead and the house I’m buying is abandoned, she won’t be getting anything from Minnie. So I want to call her (I could call the attorney but I’m sure he’s going to play hardball) and let her know that this is her last chance to get some of the money that Minnie still owes her. I need to convince her that she will not be getting revenge on Minnie by walking away from $5-10k (what I’m willing to pay her to make this deal doable).
Any other thoughts?
Ib
Don’t forget the J DEBTOR - Posted by John Merchant
Posted by John Merchant on August 25, 2006 at 19:57:51:
Although in your case, since the D is deceased and it wouldn’t be workable there, I’ve actually sold a number of J’s to the person who’s ON the J as the debtor. He/she/they have an incentive for wanting to get it off the books and frequently welcomes the opportunity to buy it.
Last one I did was an architects firm in IN and because I could offer them a real deal on it, and they wanted it gone, they bought it and I made a note broker’s commission on it.
Years ago I knew a retired Sheriff’s deputy who bought boxes full of old, bad, dishonored checks for pennies and then tracked down the check writers and sold them back to those people for a nice profit. Even though they were often beyond the local SOL (statute of limitations…why, what did you think it meant? 
the check writer was often embarrassed and wanted to clean up his old dirty tracks.
Re: How Would You Approach This Judgment Holder? - Posted by BTI
Posted by BTI on August 17, 2006 at 21:58:38:
IB
Frankly, I wouldn’t mention the property, I would send a letter saying you buy old unpaid judgements and you noticed hers in the records and didn’t see anywhere where it was paid off. You purchase old uncollected judgements for about 2.5 to 3.5 cents on the dollar depending on the judgement would she be interested in selling.
BTI
Re: How Would You Approach This Judgment Holder? - Posted by Joe Kaiser
Posted by Joe Kaiser on August 21, 2006 at 04:57:43:
And, include the check.
The key to getting ANY lienholder to say yes is a certified check, in hand!
Joe
Re: How Would You Approach This Judgment Holder? - Posted by IB (NJ)
Posted by IB (NJ) on August 21, 2006 at 23:20:23:
Thanks Joe. How can I assure myself that she won’t just cash the check without getting the release (of judgment) signed and notarized?
Ib