Starting Judgment Recovery business

[Clifton Burse]

Hello, anyone have info on starting a judgment recovery business, forms or time it takes to complete recovery or any help at all

[Bill Gulley]

Most recovery operations are done under an attorney, but there are private recovery agents. Usually the specialize in what type of recoveries they do, vehicle, marine, aircraft, equipment and other personal property. They may also seek paymeents for court ordered collections. Actually, there is alot of legal issues that you need to be aware of, collection practices and it's a business that carries alot of liability.

The lenders I know of only use those having experience due to liability issues.

That said, asking for forms to open such a business is a clue that you probably don't have this type of experience behind you yet. I suggest you look for a recovery agency and get a job with them and learn the ropes first.....:) Good luck

[Clifton Burse]

Thanks for the info Bill

[Joel Owens]

I haven't.

I have talked at length with some judgement companies before going after tenants.

The jist of it is usually they like going after a certain size of judgement.

They pay for court costs and then split with you 50/50 after deducting costs to collect.

It takes on average the person was telling me 3 to 4 years to get a good chunk of the money.

Some will buy the judgement from you today of course for 10 to 15 cents on the dollar of face value.Of course they will check to see if the debtor is judgement proof.In that case they won't buy it at all.

So yes you can make money at it but not get rich quick.

[Matt Simons]

I have significant experience in this area, and I can tell you that although you will get a variance in opinions, I assure you this field is wide open and extremely profitable. I'll begin by saying that "judgment recovery" is a rather generic term, and although I perform various services related to the term, in NO way do I promote myself as a judgment recovery business.

Why? Because there are several steps in this process, and you have the opportunity to provide individual services that are profitable as well as appealing to a broader base of clients.

A typical collection agency or "judgment recovery" agency attempts to collect or "recover" debts for its customers. This is great and all, but do you want to be tied down as a telemarketer calling people trying to negotiate payments, or settle debts in this economy? I've resigned several large judgment/collection firms over the last 2 years simply because they too are struggling to pay their bills.

So what works then? For starters, its important to understand that before there is a debtor, there must be a judgment, and before the judgment-there must be a legal proceeding. The legal proceeding starts with locating the subject so they can be served. This service is their legal notice to appear for a hearing.

Locating people, or "skip tracing" is extremely profitable, and you can perform this service for law firms, collection agencies, investigators, individuals etc.

Is Skip Tracing/Locating people hard? It can be challenging, however the proper business model allows you to have some excellent sources of public & proprietary data that most agencies and law firms cannot access. Once you learn some basic techniques, as well as an understanding of the best information to pull, you can make a considerable living offering JUST this service.

Average skiptrace/locate fee? $100-$150.00 per subject

My personal highest $$ day performing just this service: $2,150.00

My personal highest $$ in one hour: $600.00

Average time spent per case: $40 minutes

[Eugene Dean]

Wow, judgement recovery looks like the business to be in. Not many people can make $600 in an hour. I was actually searching the Internet for the purpose of hiring a recovery service. Now, I am considering a career change.

http://www.moorparkrecovery.com

[Atchut Neelam]

@Eugene Dean Eugene it’s not easy as it sounds. Submitted a judgments where debtors own real estate to some collection agencies after researching at county clerk office and other sources. The success rate is limited. It’s waiting game and lot depends on how good once can research and cherry pick collectible judgments.

[Kim Hernandez]

Hi,

Kim Harris 995 dollars

Nick Fullmer's Overage Syndicate recurring amount of 197.00 a month to access his material and FB page.

Barry Cloyd Tax Sales List training charges 495 dollars

Shawn Buige Funds Riches Training 495 dollars

Bob Diamond Tax Sale Overages Blueprint System 1400 dollars

Tax and Foreclosure Surplus recovery training is making people a lot of money. Business of training. If you want to see how it works before paying the large amounts for training, go to https://www.erugu.com/wishlist and type in Hooked on Overages in the search tap. It will cost 70 dollars but you can determine if it's right for you or not without spending hundreds of dollars.

That's what I did and I learned a lot. Each state is different and changing the criteria and making it harder to recovery overages for recipients. It's not easy. I hope this helps.