Getting Payment on Judgement and Mechanic’s Liens
It’s difficult to know when a person can receive payment form old judgment and mechanic’s liens, and it can be very frustrating when you’re holding out on an old claim with little hope of recompense. One of the best signs for improving chances on your old judgement and mechanic’s liens has to do with the slowly recovering real estate market, which has long-term impacts on the economy as a whole.
How Real Estate Helps: There’s a definite trend towards real estate recovery, giving glimmers of hope that have been difficult to come by following the housing crash and this slow recession. The current improvements, however, are already starting to have great benefits for the lower level companies involved in housing, including contractors, subcontractors, and materials suppliers of all kinds.
Since there are more people seeking to buy homes at last, there are is more work available and more money flowing into the market. This also helps in getting old debts paid off to clear the properties of any problems with selling them. Title companies are increasingly paying off their old judgement liens and mechanics liens, which is great for collectors everywhere!
Here are several ways that you can prepare to take advantage of the real estate improvements, and make sure that you’ll be able to collect on your old judgement and old mechanic liens as soon as possible, with as little difficulties as possible.
- Know if you should get a judgement. Even if you don’t believe that your debt is collectable, there is definitely a chance that it could be, so don’t shoot yourself in the foot without even trying. Look into all the options available for collecting, and see if there’s one out there that will work for you. If you want to have any hopes at getting your account paid, make sure you know what the right choice is from the amounts owed and how much it will cost you to place the judgement in the first place.
- Get the judgement recorded as a lien where the debtor has property. If you record the judgement in a different county than where the person you’re attempting to collect from has their property, it will be much harder to collect. This is outlined in judgement lien law as taking precedent above all others, and will be a huge benefit to you in pursuing the case.
- Look into renewing old judgements early. As explained above, it’s not always cost effective to file judgements, but it can be a good option for many seeking to collect. If these securities expire, they you’ll again be out of luck.
When it comes to getting paid on your judgement and mechanic’s liens, there’s no one sure way to make sure you’ll be able to recover the costs as soon as you would like. If you would like to speak to one of our experienced collectors at CMCS, we can provide individualized information regarding your specific case to provide you with the best options in your collection. Call us today at 800-223-6259 to get started.