A judgment on property is a court ruling that’s passed in the instance the debtor fails to fulfill their contractual obligations. The ruling gives the creditor the right to claim possession of the property without the debtor’s consent or agreement. The creditor may attempt to utilize your property to pay the judgment.
Ensure You Receive a Notice
The creditor with a judgment is required to give you the notice to protect your property. A Notice of Rights to Have Exemptions Designated lets you know that your property is going to be taken from you. However, if you respond to this notice in a timely manner, you could put up the real estate with judgment on sale and get a good amount in return too.
File a Motion to Claim Exempt
The notice also involves your rights so that certain property cannot be taken from you by the creditor. To ensure that it remains with you for as long as possible, you have to respond within 20 days. The Legal Aid office in the locality where the judgment on property was entered can assist you in completing the motion or request the court to protect your property.
Sell it Quickly
One of the best ways to protect your real estate investment is to sell it to an agency or business such asMayflower Judgments. Since they specialize in buying judgment or lien properties, you can avoid a loss on the value of your property. People can always consider options for selling and get an evaluation by a professional so that a fair agreement can be reached.
