A lien against property is a legal judgment that a creditor can get against someone who owes them money. The lien grants an asset that the debtor owns, such as a piece of real estate, to the creditor as collateral until the debt is paid.
However, the process of getting a debt repaid does not end after you get a lien. Here are a few options once a lien is granted.
Wait for Repayment
For some people, notice that a lien against property has been granted against their home is enough to light a fire under them and get them to repay their debts. If you wait a bit, your debtor may repay what they owe. However, nothing is guaranteed in the waiting game, and you may have to wait a while before seeing your money again.
Repossess the Home
Once a lien has been filed, but a debt still has not been paid, a creditor has a legal right to repossess a property and sell it for repaid debts. However, repossession requires additional legal obstacles and resources invested before actually gaining possession of the property.
Selling the Judgment Lien
For creditors that need instant payment, the best option is to sell a lien to a company such as Mayflower Judgments. These companies pay cash for liens and judgments, then take on the work of collecting the debt themselves. The creditors get money quickly and don’t have to worry about what to do next.