Negotiating a 10K judgment with or without a lawyer

[redrayya1]

IL: Cook County

Any tips on negotiating a judgment? It's 10K and has dropped off our credit report, but it's still there if someone probes deep enough, especially mortgage companies.

It's not hitting the credit anymore, etc. It's from the HOA foreclosure. HOA never rendered services and we didn't pay. We walked anyway.


The developer folded and the new apartment association company (development turned apartment) got the ledger. Original amount was for 5K. I've researched this enough that I think I'd rather put any money into satisfying the judgment rather than hiring a lawyer to do the same. The law firm for the old association says they are open to negotiation via me.


What would you offer? Should I allude to the (true) fact that they can either take this good will offer or get zero (I would be more eloquent than that)? Should I reiterate the fact that the zombie association never rendered services?
Thank you.

 

[Zigner]

Here's an option that you seemed to have ignored: Pay what you owe.

 

[FlyingRon]

Judgements are FOREVER in Illinois. They're good for twenty years but they can be renewed indefinitely. Whether it's on your credit report is immaterial. Why you didn't pay it originally is immaterial (time to address that was in the proceding that led to the judgment). You're free to offer a settlement less than what you owe, but they're free to tell you they want their money. They're free to pursue whatever means there is to perfect that judgment as well.

What makes you think if you have money to throw at them in an offer, they won't come after you for the entire amount?

 

[HRZ]

personally I think what you never put in print won't come back to bite you later . Why comment ?

WHy stir the pot at all?

 

[adjusterjack]

The law firm for the old association says they are open to negotiation via me.

What would you offer?

How much money do you have?

Should I allude to the (true) fact that they can either take this good will offer or get zero (I would be more eloquent than that)?

The trouble with ultimatums like that is that, once they know you have money, you're subject to wage garnishment and bank account levy and they come down on you with both feet.

I suggest you make your offer and see what they come back with. You can try couching it in terms that you are able to borrow from relatives to settle the debt or whatever story you want to tell.

Should I reiterate the fact that the zombie association never rendered services?

Nobody will care. There's already a judgment against you. Any defense went out the window a long time ago.

 

[redrayya1]

How much money do you have?



The trouble with ultimatums like that is that, once they know you have money, you're subject to wage garnishment and bank account levy and they come down on you with both feet.

I suggest you make your offer and see what they come back with. You can try couching it in terms that you are able to borrow from relatives to settle the debt or whatever story you want to tell.



Nobody will care. There's already a judgment against you. Any defense went out the window a long time ago.

Thank you. I have about half of that. It would be hard to let that go because that's all the savings I have.

I think I'll offer and go from there.

 

[redrayya1]

Here's an option that you seemed to have ignored: Pay what you owe.

I didn't ignore that, actually. I am quite aware that, in an ideal world, with lots of money, this problem wouldn't have existed in a first place. A better option--again, in lala land--would have been that I had the 10K rotting in the bank and could avoid joining here to hear Captain Obvious tell me what I already know. I wouldn't solicit opinions if this was of ease.

Besides, the person at this law form brought up offering before I did. It seems pretty standard.

 

[Zigner]

I didn't ignore that, actually. I am quite aware that, in an ideal world, with lots of money, this problem wouldn't have existed in a first place. A better option--again, in lala land--would have been that I had the 10K rotting in the bank and could avoid joining here to hear Captain Obvious tell me what I already know. I wouldn't solicit opinions if this was of ease.

Besides, the person at this law form brought up offering before I did. It seems pretty standard.

Yet, YOU were the one who posted this gem:

Should I allude to the (true) fact that they can either take this good will offer or get zero (I would be more eloquent than that)?

You are very flip about the fact that you don't want to pay what you owe.

One other point: I've been promoted - I'm a major now.

 

[redrayya1]

Yet, YOU were the one who posted this gem:



You are very flip about the fact that you don't want to pay what you owe.

One other point: I've been promoted - I'm a major now.

Great. congrats.

My "gem" as it were was only to state that I can only pay a certain amount. I cannot magically come up with the balance. I've read that a JC may be willing to accept an offer. There's contradictory advice all over the place--even attorneys don't concur. I thought I would ask her since, ostensibly, this place exists to help people determine how to proceed. I simply meant (above) that if they don't want the 5K, I can't move on this at this time.

 

[redrayya1]

Yet, YOU were the one who posted this gem:



You are very flip about the fact that you don't want to pay what you owe.

One other point: I've been promoted - I'm a major now.

And, if we want to parse legal matters, I don't believe I owe that ethically (and, yes, I get that it doesn't matter since no one cares about the ethics here). Developer built 44 units. Never sold more than 4. He went bankrupt. Condo association didn't form. Building was empty for years. No services rendered ever. No HOA, no board, no books. Place was rendered unsaleable by every realtor in a 10 mile radius. Can't sell a condo (dime a dozen in Chicago) without a board with members and books. So, no--after having been randomly ticketed by the city (as was anyone whose name they could find) for trash in alleys and rats, with no board, I don't *ethically* believe I owe the failed and fled developer anything. The new management company was not on scene and as stated on the ledger that the balance was brought over "from previous management [aka, the developer]".

 

[Zigner]

And, if we want to parse legal matters, I don't believe I owe that ethically (and, yes, I get that it doesn't matter since no one cares about the ethics here). Developer built 44 units. Never sold more than 4. He went bankrupt. Condo association didn't form. Building was empty for years. No services rendered ever. No HOA, no board, no books. Place was rendered unsaleable by every realtor in a 10 mile radius. Can't sell a condo (dime a dozen in Chicago) without a board with members and books. So, no--after having been randomly ticketed by the city (as was anyone whose name they could find) for trash in alleys and rats, with no board, I don't *ethically* believe I owe the failed and fled developer anything. The new management company was not on scene and as stated on the ledger that the balance was brought over "from previous management [aka, the developer]".

Those would have been great points to bring up in the original hearing. At this point, it's all irrelevant.
As to "ethics" - you absolutely DO owe the money, ethically speaking.

 

[Zigner]

Great. congrats.

My "gem" as it were was only to state that I can only pay a certain amount. I cannot magically come up with the balance. I've read that a JC may be willing to accept an offer. There's contradictory advice all over the place--even attorneys don't concur. I thought I would ask her since, ostensibly, this place exists to help people determine how to proceed. I simply meant (above) that if they don't want the 5K, I can't move on this at this time.

I'll give you this: There's nothing preventing the creditor, legally speaking, from accepting a partial payment to settle the account. It can't hurt to ask.

Beyond that, you're stepping in to the realm of speculation...and this is a legal forum.

 

[quincy]

Great. congrats.

My "gem" as it were was only to state that I can only pay a certain amount. I cannot magically come up with the balance. I've read that a JC may be willing to accept an offer. There's contradictory advice all over the place--even attorneys don't concur. I thought I would ask her since, ostensibly, this place exists to help people determine how to proceed. I simply meant (above) that if they don't want the 5K, I can't move on this at this time.

The judgment creditor does not have to accept anything less than the full amount of the judgment. Although you can attempt to negotiate at this late stage, that might not be your smartest move. Letting the judgment creditor know that you have money often means they will take that money and use all of the other means available to them (garnishments, asset attachments) to collect the rest of what is owing.

It might be smarter for you to hold onto the money you have (and not in a bank account) so you can survive with a smaller paycheck and the possibility of money disappearing from your bank accounts until the judgment is satisfied.

You might want to speak to a professional in your area for advice tailored to your specific financial situation.