Thanks Tom !
Sure did that. Pop was not eager to entertain the suggestion because " he is trying to help the client" a.k.a daughter, via his non profit and because he is a non-profit they cannot put up no collateral. This is his line of thinking.( B.S ???)
He did suggest to put language in the note that the judgement not be released until note is paid in full but is that realy possible and would legally be viable?
Or, once I sign, she is free to go back to section 8 and pull this one somebody else?
I know my money will never come from her, but if there is a legal way with the note, I might give it a try.
Thanks again.
Had a rental property rented to a Section 8 tenant. Went to an eviction process and also filed a suit to collect money for damages to the property. Initial judgement was for $1900.00, much less than what the damages were…
However, tenant appealed and this time the judge ruled in our favor for $ 4500.00 and an 8%/anum interest.
So, we have a judgement against this person but our chances of collecting are slim to none.
We sold the property in the mean time.
Few months went by, and we got contacted by a non-profit organization that “wants to help people” like our debt beat and by offering us a note to pay for the debt we would sign to release the judgement. The whole thing sounded fishy, especially when I found out that the head of this non-profit is the father of the person who ows us the money. Daughter w/ 5 kids moved in with mom and pop so I can see their inconvenience…
Is there any legal way to structure the language of the note so that the judgement would not be released until the note is paid in full ?
Or is it that no matter the language in the note the debt beat is off the hook and I am stuck with a worthless piece of paper that is backed by no collateral and if the non-profit defaults on the note I am back to chasing gosts ?
Any suggestions would be greatly appreciated.
Thanks !
P.S. I am in North Carolina
Posted by John Merchant on June 25, 2005 at 22:40:54:
You might ask your lawyer if it would help you to do anything more, in court, re collecting on your J so the records are replete with the J against the deadbeat and his/her credit is for sure going to be screwed up until it is released by payment in full.
I’d be pretty reluctant to take a note in lieu of the J, unless it were to be secured by somebody’s RE…and if Pop won’t go for this, I wouldn’t do it at all.