I used to work in the foreclosure department in one of the leading mortgage companies for 4 years. I better know a little bit about foreclosure, right? =) In light of the sub-prime crisis that the US is having right now, I thought I’d share some general information that I hope would be helpful to a homeowner, whether you’re in foreclosure or not. I’ve always wanted to give out some information, and here I am doing it.
This article is my opinion, and not legal advice. I am a judgment broker, and am not a lawyer. If you ever need any legal advice or a strategy to use, please contact a lawyer.
Assignment orders can capture most distributions, commissions, and almost any kind of K-1 income. If approved by a court, an assignment order instructs someone that owes money to your judgment debtor, to pay you instead of the judgment debtor.
Under the old rules, service by regular mail was acceptable. Under the new rules it is not. Under the new rules you must serve the documents personally or using a courier, process server business or agent. You must be able to prove that the other side received the court documents.
You must prepare a stamped envelope, with your name and address on the return envelope, and the debtor’s last known address. You should do some due diligence to verify the address of the judgment debtor is correct.
As quick as I’d fallen asleep, I was startled awake! Gasping in fear, I sat up to listen, straining to hear over deafening throbs of my own accelerated heart beats. I paused-in-wait, frantically searching for the slightest audible confirmations. Groping through an array of possible scenarios, the only explanation I had was waking to a mild earthquake, commonplace in California.
When judgments have substitute service, it’s often a good idea to personally serve the debtor something, and wait 6 months before taking aggressive enforcement actions.