RESEARCHING THE JUDGMENTS
The good news with debt collection is that 70% of all judgments awarded can be collected with proper training. Naturally we want weed out the 30% of the judgments we can’t collect. Here are some questions to ask the creditor so we can make your purchase of judgments a success!
After connecting with the judgment creditor either by direct mailings, social media, word of mouth or at real estate groups, the next step is to set up the “first” meeting with the creditor. The mmeting can be held in your office, local courthouse, skype call, phone conversation whatever is convenient and comfortable with you.
Let’s start the meeting by explaining to the judgment creditor that you purchase outstanding judgments. Make it clear to the creditor that you will need information concerning the judgments and these questions will have to be answered before an offer can be presented.
Are you actively obtaining judgments?
If so, this will give you an insight to an opportunity for bulk purchases in the present and the future.
How many judgments do you possess?
The judgment creditor with less than 5 judgments may be less negotiable. This doesn’t mean that the creditor with less than 5 judgments is a bad candidate but you might have to pay more for the judgments. The judgment creditor that has more than 5 judgments is losing substantial income and will be willing to negotiate at your terms.
Are the judgments in one county or other counties and states?
If the creditor has judgments in multiple counties or states, it is to the benefit of the assignee because you can be assigned outstanding judgments in different counties or states.
Where the judgments recorded?
If so, a lien against the judgment debtor has been recorded in the county where the judgment was entered. If not, this is one of the first signs that the creditor is unaware of the court proceedings on how to collect. When a judgment is awarded the judgment creditor should record the judgment.
Have you received any monies towards the outstanding judgments?
This will give you an overview picture to see if the creditor has been actively enforcing the judgments. If the answer is “no”- that is a good sign because the creditor is in the mindset of “it is just a piece of paper”
Do you feel that these judgments are uncollectable?
If the answer is “yes”then the judgment creditor is very negotiable. Ready to cut the deal at your terms!