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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2900
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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what is the best way to negotiate a judgment for money with

Customer Question

what is the best way to negotiate a judgment for money with at lawyer.
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 8 years ago.
This would be called a short sale, whereby you negotiate with the creditor to accept less.
Because they have a lien though, you might not get much leeway, unless you threaten bankruptcy and surrender the home, whereby they would get little or possibly nothing depending on equity. You never know. Be careful, any amount forgiven, is taxable to you, where you will get a 1099 for the amount they forgive of debt.
A bankrutpcy can possibly strip the lien off as well if it impairs your exemption in your state too. So that is something to look into as well.