I’ve only read the one chapter on this topic from the above mentioned book so if I sound like a novice when it comes to judgements, theres a reason.
Bottom line, if theres an opportunity to learn more about judgement collection and make a small profit, i’d like to learn more.
I spoke with a property manager friend of mine and he believes that 80% of collection go uncollected. I asked “why”, he said they just dont even try to pursue them. So although they may be tough to collect, it sounds like many judgements go uncollected because nobody tries to collect. I would probably not be willing to pay more than 10-15 cents on the dollar for these judgements so hopefully that gives me enought wiggle room to make up for the uncollectable judgements.
Thanks for the advice! More info. you can give me the better.
Anybody do this? Did you have sucess? What were the pros and cons? Can you recomend any good books on the subject? I was reading a book by John T Reed and he had a chapter on it? I figured its something I could possible do in my spare time and in between more traditional REI endeavors. Thanks
Posted by Dan O’Connor on September 19, 2007 at 21:27:52:
Andy,
Are you referring to pursuing judgments randomly in any situation or a more focused effort where judgments are only a piece of the bigger pie?
The latter has lots of risk for the novice and lots of reward potential once some experience is gained. The former has nothing but risk attached to it and I wouldn’t recommend anyone pursure it.
The best place to start, in my opinion, is with your local law library/reference material pertaining to judgment law for your state and figure out plays accordingly.
Posted by John Merchant on September 19, 2007 at 19:27:39:
Do you understand most J’s are worthless, in that the J debtors don’t have anything that could be found or liened?
So while the courthouse (all courthouses) are full of uncollected J’s, I sure wouldn’t recommend anybody spend any serious time or money working on them because they’re uncollected now for a very good reason…they’re UNCOLLECTIBLE!