Abstract of Judgement Settlement?

[Joe Chmelik]

What is the name of your state? California.

About 10 years ago, I was involved in an auto accident with a gentlemen with no car insurance. He ended up taking me to small claims court for damages to his car. I did a counter-sue and won my case for $1000.00.

About 2 years past and I heard nothing from this gentleman and asked the courts what do I do. They advised me to file a "Abstract of Judgement" against any property he might own. I did some investigating with the county register office and found a house he owned. I placed the judgement against this property.

It has been 8 years, and the gentlemen that owed me the money, past away. I was notified by a mortgage company that the family wants to sell the house. They are asking me to fax in my offer to clear the judgement. My question is this...

"What amount do I ask for settling?"

After the accident, I couldn't drive the car and it sat until I sold it for scrap. It put a massive fianancial strain on us, since we had to buy a new car for my wife and 4 kids. We were able to get through this hardship and just about gave up on getting any kind of settlement.

Please advise.

Thank You.

[nextwife]

Originally Posted by Joe Chmelik

What is the name of your state? California.

About 10 years ago, I was involved in an auto accident with a gentlemen with no car insurance. He ended up taking me to small claims court for damages to his car. I did a counter-sue and won my case for $1000.00.

About 2 years past and I heard nothing from this gentleman and asked the courts what do I do. They advised me to file a "Abstract of Judgement" against any property he might own. I did some investigating with the county register office and found a house he owned. I placed the judgement against this property.

It has been 8 years, and the gentlemen that owed me the money, past away. I was notified by a mortgage company that the family wants to sell the house. They are asking me to fax in my offer to clear the judgement. My question is this...

"What amount do I ask for settling?"

After the accident, I couldn't drive the car and it sat until I sold it for scrap. It put a massive fianancial strain on us, since we had to buy a new car for my wife and 4 kids. We were able to get through this hardship and just about gave up on getting any kind of settlement.

Please advise.

Thank You.

The judgement is $1000. That, plus allowable interest to payoff date is what your payoff letter will need to cover. You DON'T get to pick an arbitrary number out of the air.

Be ready to provide a recordable judgement release to provide the title company in exchange for the payoff funds.

[seniorjudge]

Originally Posted by nextwife

The judgement is $1000. That, plus allowable interest to payoff date is what your payoff letter will need to cover. You DON'T get to pick an arbitrary number out of the air.

Be ready to provide a recordable judgement release to provide the title company in exchange for the payoff funds.

Be ready to provide a recordable judgement release to provide the title company in exchange for the payoff funds.

In other words, trade the dough for the release/satisfaction.

[Joe Chmelik]

I read online that I can also claim interest on the money that was owed to me.

Is that unreasonable taking into consideration that it would of cost me $1000 to get my car fixed 10 years ago? Who knows how much it would cost to get the car fixed today.

[Some Random Guy]

You don't get to reargue your court case. The facts of the case are irrelevant!

You have a 10 year old judgement for $1000. Do some research on allowed interest rates for judgments in your state and calculate the interest compounded from the date of judgement. For example, $1,000.00 plus 7% interest compounded for10 years is $1,967.15.

[AlexandriaDumas]

Originally Posted by Some Random Guy

You don't get to reargue your court case. The facts of the case are irrelevant!

You have a 10 year old judgement for $1000. Do some research on allowed interest rates for judgments in your state and calculate the interest compounded from the date of judgement. For example, $1,000.00 plus 7% interest compounded for10 years is $1,967.15.

Excellent advice. California lets you charge 10 percent interest so the poster will have done very well, much better than if he'd put his $1,000 iin a bank.