A judgment lien is attached to the debtor’s real estate when he or she fails to clear the creditor’s debt. A judgment lien on real estateallows the creditor to recover their money through the debtor’s property. This does not mean that the creditor is entitled to the property, rather, the creditor is entitled to the funds from the sale. Moreover, often a judgment lien on real estate can impact the value of your property.
Liens Are Public Record
Liens are usually on public record, and any potential buyer can view information about the debt. A lien indicates that a certain amount of debt is unpaid, which can result in legal action. Moreover, if the creditor decides to claim the property or force a sale, the potential owner may incur the losses on the property. This can be avoided if you sell the judgment lien to any reputable agency such as Mayflower Judgments.
Liens Can Be Sold for Cash
A lien on real estate may put a dent in your credit score as they factor into your repayment history, making up more than a third of your credit score. A credit score determines the consumer’s creditworthiness, hence, the higher the score, the better an individual looks to lenders. To prevent such a situation, you can consider options for selling the judgment lien for cash.
Most reputable businesses have a hassle-free process for this and can help you navigate through all the procedures easily. At the end, you could end up with cash and avoid legal issues with your property as well.