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  1. #1
    Join Date
    Jul 2010

    Default How to Negotiate a Reduced Payoff of a Judgment

    My question involves judgment recovery in the State of: Tennessee

    There was a judgment against me in 2004 for $84k. I ignored the countless letters for years, but now I want to buy a house and my realtor told me there would be an automatic lien on my house from StateFarm.
    According to the latest letter from the "Subrogation Recovery Specialist", I now owe over $126k with interest. I want to get rid of this and I have heard of cases where people have made deals to get the balance down by as much as 80%.
    What would be a good first step to take to go about this? Should I contact and deal directly with the collectors? Or hire an attorney? Thank you.

  2. #2
    Join Date
    Mar 2007

    Default Re: I Have a Judgement Against me. Help!

    Don't be surprised if you cannot even get financing for your home. After all, you have proven that you really don't pay your debts.

    You would talk to the collectors.... but even a settlement could still negatively impact you. Plan on a VERY high interest rate and the requirement of a very high down payment to start to cure this debt.
    All you need in this life is ignorance and confidence; then success is sure.
    - Mark Twain

  3. #3
    Join Date
    Feb 2010
    CT & IL

    Default Re: I Have a Judgement Against me. Help!

    your lucky interest rates have been low or it could have been +200K ..... I would hire an attny ...

  4. #4
    Join Date
    Sep 2005
    Behind a Desk

    Default Re: How to Negotiate a Reduced Payoff of a Judgment

    If you want to try to negotiate a reduction of a judgment debt, contact the judgment creditor or their agent and start negotiating. It's not clear from your post whether the person who contacted you is an employee of the insurance company or an outside debt collector, but that person is likely the place to start.

    Depending on the facts, the debt may also be dischargeable in bankruptcy.

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