Offer between 25 to 50% of the judgment amount, payable within 15 days. Negotiate from there.
Although the record of the judgment can be quickly eliminated shortly after paying the full amount, I believe that credit reporting agencies will continue to reflect that a judgment, albeit satisfied, was entered against you for up to 12 years after payment.
I believe that Credit Reporting Agencies will reflect a judgment on your credit report until 12 years after you satisfy the judgment.
Short sales often benefit a real estate broker, who receives a commission, and a bank, that maximizes its recovery and expedites its collection of same. Unless the homeowner gets a release of the remaining balance due to the bank, the homeowner rarely obtains a significant benefit from a short sale. If you can't afford the payments, even by reducing the interest rate to prevailing rates, you may want to live for free (without paying the mortgage or taxes) until the sheriff's sale. Depending...
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Advise him in writing that you filed bankruptcy. Include your bankruptcy case number, the date you filed bankruptcy, the location of the Bankruptcy Court where you filed, and the chapter of the bankruptcy code under which you filed.
Once you obtain a judgment, you can obtain a court order requiring the defendant to produce documents, information and answer questions under oath with a court reporter present. Tax returns show whether the defendant owns real estate (property taxes are a deduction); where the defendant has bank accounts that pay interest (shown as interest income), and the defendant's annual income from employment and all other sources. Find out where the bank accounts are and arrange to have the sheriff...