If a creditor obtains a judgment against another party in a court of law, in an effort to collect, the creditor can place a lien on property owned. Real estate judgments give the creditor an interest in the property. The interest held must be paid to the creditor before the debtor receives any proceeds from the sale of his or her property. Although it is not true in every case, the judgment may give the creditor the right to force a sale of the property. To place a lien on a piece of property, the creditor must first obtain a judgment against the property owner.
Although a lien can be placed against any real property, the most common is real estate. In most cases, a creditor, using the judgment granted, can get a lien by filing the correct documents with the court. The court issues the lien, recording it in the lien docket. The creditor who has a lien against property can be paid in several ways, one of which is selling the judgment. Because it may take years to collect on the judgment, may creditors turn to Mayflower Judgments. By selling the judgment, the creditor gets cash, quickly and in a straightforward manner.
Real estate judgments result in a lien against the debtor’s property. A lien gives the creditor the right to take possession of the property should the debtor fail to meet his or her contractual obligations. Judgments on lien property for sale can be challenging to collect. Obtaining a judgment is one thing, turning the judgment into cash is often something altogether different. Many creditors do not want to, or cannot, wait for this to happen. The solution is to sell the judgment. Selling the judgment is a fast, efficient way to convert the judgment into cash.
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