Dirt Or Gold Judgments
Copyright (c) 2014 Mark Shapiro
Judgments and leads on them can be dirt or gold, depending on whom the debtor is, and also how well you screen the creditors. When you sell or refer leads using only court records, there is little chance of a typical lead paying off.
One of my many judgment articles: I am a Judgment Broker, not an attorney, and this article is my opinion based on my experience in California, please hire a lawyer when you need legal advice.
When you talk to judgment creditors; confirm they want the judgment recovered, and they know the creditor need to share the possible recovery, that their judgment is not cash and their debtor is known, and not poor or bankrupt. If all these tests pass, the judgment lead may pay off.
One can sell average judgment leads, the choices are just pennies per raw lead, or about five percent of what might get one day be recovered in the days ahead.
When the creditor believes their judgment is the same as cash, or they will be able to sell a typical judgment at a fifty percent discount for a cash up-front sale, or does not want to split any part of what might get recovered over time; they will almost not ever be paid for their judgment.
Don't be patiently waiting to find giant judgments on wealthy debtors having assets showing. Those are nearly as rare as four-leaf clovers.
A $3K judgment against a rock solid debtor having a job and a bank account is worth more than a $1,000,000 judgment against a homeless old lady with nothing, or a long dead company without any alter-ego possibilities.
Raw leads might be worth Nothing. Many uninformed folks send their judgment inquiries to hundreds of people/companies the same day, and their judgments to many of people at almost the same day. Most folks will not reply when you email or voicemail them, in response to their prior inquiry.
If you communicate with some judgment owners; some will probably say they're interested and will follow through, however few of them will do it. And of the ones who do followup, many send just a copy of their judgment; but not a thing concerning the judgment debtor, or the opposite.
Of course, if the judgment debtor has a unique name, maybe only a copy of the judgment itself is required. If their debtor cannot be identified, the lead has no value.
If people contact every lead 10 times, that is their business. From my experience, folks that begin by as unresponsive usually stay unresponsive for the rest of their life.
To run a successful virtual judgment recovery company, you need to screen judgment creditors to earn money. If you are going to outsource your judgment leads, you need to learn how to correctly process raw judgment leads.
To screen does not mean looking judgment creditors up on Google or any data services. To screen means to check the attitudes and beliefs the creditors have about the judgment situations.
In my experience, you cannot fix what is broken, you can just fix your responses are going to be. It's better to spend your time on the folks who're responsive and reasonable, than to attempt to change people who have a negative attitude, are unresponsive or clueless.
The goal is to stay polite, and let the creditor know you are (or you know) the best real solution, and the creditor can get ahold of you whenever they're ready.
About the Author
Mark D. Shapiro - Judgment Referral Expert - http://www.JudgmentBuy.com - where Judgments get Recovered.
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