How can I get my judgement settlement money now instead of monthly payments?

Question

My mother has a condo (with a lease) that a woman was supposed to buy. Instead, she ducked out without my mother's knowledge; to purchase a house. She broke the lease and I hired a lawyer and got jugement against her for over $6000.00 plus court and attourney fees. She asked the court to let her pay 25.00 a month and in the meantime went out and bought a new vehicle with a monthly payment of over $450.00. It will take over 22 years to pay my mom the money that she agrees she owes her. Is there a way that I can get my money in a lump sum ? Is there a legitemat way to get my money now, even if I have to take less or a % fee company that can get my money now? I' writing this for my mother who is 81 years old . She needs this money now in order to supplement her income and to fix the condo so that she can sell it ?

Answer 1

there are firms out there who buy that kind of obligation. ask your atty.

Answer 2

I would agree with Paula M., and disagree with normal1. A company who is going to buy a judgment will, at the most, offer 5 to 10 cents on the dollar. It's not the great deal people think it's going to be.

Unfortunately in your case, all parties must obey the court order, until there is a new court order in place. That means, as long as the debtor is making payments, and the case has not been revisited by the judge, you are locked into your current situation.

I would not re-open the case until you have hard evidence about your debtor's financial situation. As a judgment creditor, you have the legal right to this information. You should have an asset search firm conduct a comprehensive asset search on your debtor, including property ownership, bank account and investment account information. This is important!! You will not have much leverage with the judge in revisiting the case, if you do not have hard evidence of your debtor's ability to pay off the judgment.

Good Luck!

Answer 3

If she misses one payment, or is late; she's in violation of the court order....that may be one avenue to revisit the payment terms.

If you can prove her financial situation supports a higher monthly payment and that her recent purchases are representative of her misleading the judge by claiming $25/mo was "all she could afford", the judge can revisit the order (if she misses a pymt or is late)

Good luck - you should though try to sell the condo "as is", so that your mother has at least some cash to supplement her income.

Answer 4

you can sell that cash flow (cf) stream to anyone or anything as long as you agree on the terms

many software tools can help you figure out what is a fair number, even excell has a net present value calculation function on it. (NPV)

it would take someone a lot smarter than i (say a good economics or finance professor at an ivy league university) at least 2 hours to explain all the components of the calculation and i'm not going to even attempt it

lets just say that you can sell this to anyone, try searching for selling settlement or selling structured settlement on google; your bank or credit union may buy it, you'd have to check

i do know this: it will be much less than the 6k less fees and expenses

i'll buy it from you but you might not like the terms

good luck

Answer 5

Honest answer there isn't much you can do. She can stop paying now, and you'll have a hard time collecting the $25. You need to try to get a lien placed against her house, but they will only payoff when she sells the house. You can search the internet and find a expert or a company that will buy it from you, for less than it's worth.

Try this link, It's helpful:

http://www.nolo.com/resource.cfm/catID/697A614B-B8AD-43EB-BE4B39DA5E65686B/104/308/191/