DIY Landlords * Once you FIND, SERVE and get your JUDGEMENT * you Need to COLLECT!

One of the hardest discussions I have to have with rental property owner clients is to tell them that even when I get a judgment against a delinquent tenant, there may be no money to pay the judgment.  I am fortunate this does not happen often.

My rent collection practices virtually insure that I can get a delinquent tenant out of a property within 4 weeks * MAXIMUM.  Tenant/Defendants need to pay their delinquent rent into court OR risk a FAST trial date and an immediate writ of possession/EVICTION.  Most such tenants move before the trial date and I end up getting a default judgment.

It is unfortunate to get this far and receive a judgment and not get PAID!

In Virginia, I can state the judgment interest rate IN MY LEASE and my lease says 18% - if there is NO interest rate stated in the lease, the state rate is 6%....I LIKE my rate better.

I also have a $250 fee to file the satisfaction of judgment......Again, this is in my lease.  Once I receive their full payment for the judgment amount court costs, attorney fees, interest AND $250 by BANK or CERTIFIED funds, I will file a Satisfaction of Judgment directly with the court and mail a stamped copy to the tenant/defendant.  They may need this to buy a car, a house or as proof in a divorce or custody hearing. 

Today I was contacted by former tenants/judgment debtors whose $2,000 judgment has been on the books for over 4 years.  Their INTEREST is now more than the original judgment * another reason to pay me QUICKLY.  I have given them a pay off amount as of July 1.  I'll be very happy to go to the court and file the satisfaction for them personally and send my clients their money $$$.  Just like winning the Lottery, you probably won't get your judgment monies if you DO NOT RECORD it....this is a step that many forget or ignore because is seems like it should be done automatically......RECORD the JUDGEMENT and wair for your $$$$.