Author Topic: Removing Judgment from creditor who's out of business  (Read 769 times)

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JustBelieve

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Removing Judgment from creditor who's out of business
« on: January 04, 2018 07:32:13 PM »
Hi guys, there's a judgment for $16k , the creditor who filed Thornton Financial is out of business , I can't sell my property due to this judgment.
There is no one to payoff either. how can I get this off ?

CleaningUp

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Re: Removing Judgment from creditor who's out of business
« Reply #1 on: January 04, 2018 08:08:46 PM »
Did they just cease operations or go bankrupt?

If it is bankruptcy, then the money could well be owed to the bankruptcy estate.

Flyingifr

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Re: Removing Judgment from creditor who's out of business
« Reply #2 on: January 04, 2018 10:09:56 PM »
Hi guys, there's a judgment for $16k , the creditor who filed Thornton Financial is out of business , I can't sell my property due to this judgment.
There is no one to payoff either. how can I get this off ?

Find out who bought the assets of Thornton Financial. Make them an offer of ten cents on the dollar.

If Thornton simply closed up shop and didn't file BK or sell its assets to anyone you may need a lawyer to file an Action to Quiet Title or an Action to Bar Claim.
BTW-the Flyingifr Method does work. (quoted from Hannah on Infinite Credit, September 19, 2006)

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11181986

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Re: Removing Judgment from creditor who's out of business
« Reply #3 on: January 05, 2018 07:23:39 PM »
The money is going to be owed to someone, it makes no difference if the company closed up shop or filed bankruptcy. 

If a bankruptcy was filed, find the trustee and get a payoff.

If they simply closed up shop, that will be harder to find, but there will be a shareholder or member of that organization who will happily take the payment.

Do you have an attorney/is there a title insurance company involved?  Typically they just hold the cash in escrow until it can be sorted out and allow you to move forward with the sale of the property. 

CleaningUp

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Re: Removing Judgment from creditor who's out of business
« Reply #4 on: January 05, 2018 10:53:42 PM »

Typically they just hold the cash in escrow until it can be sorted out and allow you to move forward with the sale of the property. 



Mortgage underwriters don't like things like judgement sitting on the title.  They will usually require that they be paid of an released before or with the title exchange.

You may have to go the quiet-title route through advertising in the local paper of the now-out-of-business firm.  Through this route, you may not have to pay anything other than the attorney's charges and the court and land registry filing fees.

11181986

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Re: Removing Judgment from creditor who's out of business
« Reply #5 on: January 06, 2018 04:08:16 AM »
Unless it's vastly different in other parts of the country, in my experience mortgage companies don't really care if the money is set aside in trust.  If the judgment lien holder popped up, then they just get paid off with the proceeds and the lien is extinguished.


CleaningUp

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Re: Removing Judgment from creditor who's out of business
« Reply #6 on: January 06, 2018 08:09:36 PM »
You missed the point that there is no one the OP can identify to whom he can pay the bill.

11181986

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Re: Removing Judgment from creditor who's out of business
« Reply #7 on: January 06, 2018 09:17:29 PM »
No, I quite clearly did not, you just have a reading comprehension issue.

11181986

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Re: Removing Judgment from creditor who's out of business
« Reply #8 on: January 06, 2018 09:18:25 PM »
Unless it's vastly different in other parts of the country, in my experience mortgage companies don't really care if the money is set aside in trust.  If the judgment lien holder popped up, then they just get paid off with the proceeds and the lien is extinguished.

 1214

CleaningUp

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Re: Removing Judgment from creditor who's out of business
« Reply #9 on: January 07, 2018 04:55:41 PM »
My error...ice on the glasses...

Or is that ice in the glasses?

Hmmm....

 

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