If you have fallen behind on payments to creditors and now have a judgment on your real estate, it can seem like a daunting task to figure out how to handle the situation. Fortunately, there are some steps you can take that can help get you back on track and make things a bit easier. Here’s what to do if you have a judgment on real estate.
Review Your Credit Report
Make sure you know exactly how much debt is listed on your credit report; this will help you determine which creditors may be pursuing legal action against you, so that you can plan accordingly. When reviewing your credit report, make sure that you check all of the details carefully. Look out for any inaccurate or outdated information that may have been reported to the credit bureaus, as this can negatively impact your credit score.
Talk to Your Creditors
Contact each of your creditors and try to negotiate an arrangement that works for both parties to settle the judgment on real estate. This may include making regular payments on the debt or coming up with a lump sum. When negotiating with creditors, it is important to remain honest and keep in mind that they want to receive payment as soon as possible.
Sell Your Judgment
In some cases, it may be possible to sell the judgment on real estate to a company such as Mayflower Judgments. If you do choose to sell the judgment, make sure that you understand all of the terms and conditions before agreeing to any deal. It is also important to remember that selling a judgment can have an effect on your credit score. Make sure that it is really the best option for you before taking any action.
