San Jose, CA (PressExposure) June 01, 2014 -- JudgmentBuy.com now has a new alternate name - JudgmentReferral.com; and has abandoned the frustrating and disastrous cash-upfront judgment business.
JudgmentBuy has been very busy for 10 years, and processed at least 7,000 judgments, and has not been very profitable so far; as Mark Shapiro explained "Because we wasted time, and worked very hard for unrealistic people; to try to help them find buyers for their judgments".
Shapiro continued: The cash up-front judgment sale model seemed to be a good idea; but mostly due to the economic downturn, turned out to almost always be an unrealistic, and a dismal failure. The reason is the average judgment sells for a tiny fraction of the judgment debtor's current available assets.
Shapiro continued: We found most judgment buyers turned out to be "flakes". Also, real judgment buyers do not care what the creditor wants for a sale price, or what their debtor used to own. What happened to us thousands of times, is a creditor would send us a judgment for sale with their over-optimistic estimation of the debtor's assets.
"Using public data records, we carefully verified the judgment debtor's assets, and found out 99% of the time, there were either no assets, or far less assets than the creditor described. Then, we sent the creditors real judgment sale offers from the best judgment buyers".
Most creditors then told us: "that price is an insult", "I'll just go to one of those marketplaces, or sites that pay 50% for judgments". About a year later, we spent lots of time checking to see how those creditors fared. Less than half of one percent of those creditors got a dime. See our article at [http://www.judgmentbuy.com/JudgmentStatistics.html]
99% of the time, we worked hard to verify current available judgment debtor assets, locate a reliable judgment buyer, and then 99% of the creditors considered the buyer's offer to be an insult.
99% of creditors that wanted a cash-upfront offer then shopped their judgment for many years and never got paid a dime.
JudgmentBuy.com is now the best expert on judgments, and now concentrates only on the very best future payment contingency experts. We screened out flakes and non-performers, and now refer creditors to only the very best enforcers. Sometimes the creditor gets to retain ownership of their judgment and does not need to assign it.
With this change, JudgmentBuy can spend all our time helping informed judgment owners get the best chance of being repaid over time; and more carefully concentrate on monitoring the track records of the best future payment recovery experts.
More information can be found at http://JudgmentReferral.com