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Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 118773
Experience:  Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
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Paul, I need you to look at a settlement agreement i signed

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Paul, I need you to look at a settlement agreement i signed over a judgement for attorney fees owed to homeowners for attorney fees they occured over covent violations . My problem is it matures may 17 . I had applied for a morgage on the said property to pay this 76000.00 they occured in attorney fees but the loan isnt moving fast enough & because i already currently have 4 morgages in my name , im told it may not be approved . I signed this agreement after the banker told me no problem we will
Thank you for your question and for asking for me to assist.

I can look at the agreement for you.

Realize any transfer of assets now to try to escape judgment would be rescinded or recalled under the Fraudulent Transfer Act, so forget about transferring the assets it would end up costing you more because the court will award the other party attorney's fees for having to go back to court.

What you need to consider perhaps is looking into bankruptcy to extinguish the agreement and if that is not possible, then you will have to engage in negotiations immediately for some large lump sum payment and then some smaller payments to make it up.

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Customer: replied 4 years ago.

my accountant says i cannt file bankrupsy , so by going & paying the judgement at clerk of court , pay it in full wonnt help me ? & with time running out , wonnt they have to go get another judgement on me , cause i want to pay this off at court house ? with banks that i ow i wonder how they can take pledged stock that the bank owns ? when my daughter gets back from lunch ill send you this agreement & i thk you for your help !!! mike

Thank you for your response.

That is why I said only looking into bankruptcy, as we do not know what your total financial picture is and whether or not it would work for you.

If you can pay the judgment in full, then you can do so. The clerk's registry of the court has to agree to accept the payment and if they do not, then you have to make the payment to the plaintiff directly. They cannot take any stock that is pledged to the bank or property that has prior liens on it without paying off the prior lienholder on that property first.
Customer: replied 4 years ago.

So if i call the clerk & she says that they can except my payment & release the judgement , you think i shouldnt pay it & negosheate the left over amount or make the judge do another judgement ???

If the clerk will accept the payment then you would pay it and yes, you would then negotiate the remaining amount of the judgment with the plaintiff as then they have proof that the majority of the judgment is satisfied, but the court will not do another judgment, since this is all part of one judgment. The only difference is that if you pay the majority of the judgment, then you have leverage to negotiate with the attorneys because they really do not have much more they can actually seize to satisfy the judgment and they know this.
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Customer: replied 4 years ago.

Thanks will try tomorrow

Thank you.