Recommendation for collection firms/attorneys for wiped out 2nd

[Sandy Uhlmann]

I have several second liens that were wiped out when the first foreclosed.  I would like to find an attorney or a collection firm that can assist me with getting a judgement against the borrower(s). I realize that this may me a long shot but I would like to try.  Who knows, might get lucky and 10 years from now I might get a little paycheck.  I am not sure of the statute of limitations and I am sure it varies from state to state.  If anyone has had success in collecting after they got a judgement against a defaulted borrower I would love to hear the outcome and I would love some recommendations of firms that I could turn to to handle this.

Thanks for the help!

Sandy

[Steve Hodgdon]

Sandy - I've collected hundreds of judgments over decades in the collection agency business. 

Depends on terms of the note and mortgage. Recourse or no recourse? Old? Then defense of indifference might apply. Deficiency rules vary state by state. TrakAmerica has a national network of attorneys. They might be a resource. Most bigger shops don't take one off clients. Gerner & Kearns covers a lot of states. 

If you go this route, a tip is to file liens in neighboring counties or where mom and dad live. Sometimes debtors inherit property and often buy near where they lost their home. 

This kind of paper used to trade for 5 cents back when I was in the debt buying space. Tells you likelihood of recovery. But if you know something about the debtor that leads you to believe he has the ability to pay...

@Andy Mirza @Sandy Uhlmann