A while back I had a post about “The Truth About Buying Judgments”
Here’s a comment that was placed that I thought worth reprinting here.
In my state, the debtor has to fill out a financial disclosure form, including where they work, bank accounts, and so forth. If they fail to do so, they are in contempt of court. Bench warrant is issued. If a cop runs their plates whilist they drive, they are pulled over and arrested until such time as they fill out the financial disclosure. Best advice for judgment buyers. Buy from individual creditors or small businesses and only against debtors that own real estate. That will help you buy cheap (15% of the judgment amount) and increase collectibility, 20% of homeowners sell or refinance on an annual basis. By do nothing, your portfolio can expect to collect 20% + interest. With aggressive collection work, you can double that to 40%. No BS. Its hard work. You have to use expensive software such as lexis-nexis, and you have to use ethical staff. Attorney generals live to punish debt collectors.
cheers.
No comments yet.