Posted by John Merchant on December 22, 2006 at 24:49:33:
Your state (every state actually) has a statute stating how much interest accrues on a final J* so the figure is precisely calculable.
I’m wondering why you didn’t ask your lawyer this question as it would have taken him all of about 5 minutes to find the answer if he didn’t remember it from past experience or research…if you haven’t had a lawyer yet on your problems, sounds to me like you need one now.
It could even be that the J against you isn’t a “final J” as that term is defined in law…just because a trial J signed a J, that J isn’t necessarily a “final” J until all appeals are exhausted, etc., and that could take years after the trial Judge signs a J.
Posted by Marie Turner on December 21, 2006 at 20:29:38:
a mortgage broker mispresented himself and paid off a lein that was on my house and i was not informed by the company he purchased it from.I was not informed of this until we went to court with this broker, whom we were in litigation with for predatory lending. The broker did not record this lein until a year later. He did win a judgement for me to pay him a certain amount. Since that time, i am selling my home to pay the bank that i have a mortgage with and his judgement. He now has sent a new pay off statement asking for $20,000. more than the amount in the court order judgement. My question is do I pay him the amount of the court order judgement and give him the additional amount he is asking for or just the amount of the judgement?
Posted by Gary-Ore on December 23, 2006 at 24:48:54:
It really sounds like you need an attorney. The statute in your state should spell out the rate that can be charged on a judgment. Your state statute should also spell out the penalty for providing escrow with false or misleading information in an attempt to to purposely cause damage (to you). If you cannot afford an attorney, go to the court where the judgment was filed. Ask to review your case file. The clerk will usually be very helpful if you explain your situation. Once you have the case file, find the judgment. put a paperclip around the judgment, and ask for a certified copy (this will cost you about $10.00 or so. Take it to your local district attorney. Tell him your situation and ask his advice. He may refer you to an attorney that will handle it pro bono (at no charge to you). In either case, you will know your options, and the DA will know whether he will need to pursue additional action against “scam man”. Good Luck, God Bless You, and please have a Merry Christmas.
Posted by Gary-ORE on December 22, 2006 at 16:52:17:
I agree that the interest should be easy to calculate once you know the statutory limit in your jurisdiction. 20K seems high unless the original amount of the Jgmt. was very high or it has been accruing for quite some time.
Does the party you now owe the money to know that you will soon have access to cash? If not, negotiate w/ them to reduce this amount. Suggest to them that you have other options (Bankruptcy being one, in which case they would be an unsecured creditor and at risk of losing the entire jgmt. amount). I am not suggesting Bankruptcy, but they do not need to know that that really is not an option for you. Most folks would be happy to get some of this money under these circumstances.