If a company that placed a judgement/lien against you no longer exists, how can the debt be resolved?

My mom is trying to closed on a home refinance. Now she finds a judgement/lien against her from 2001. The company, First Select, Inc. no longer exists and there are slews of complaints about them to better business, etc. The court says the only way to clear it is to pay it. How long does she have to wait for the money to be returned to her?

Dispute it with CRAs. When you wish to dispute information on a credit file the CRA is legally obligated to check with the firm that gave them that info in the first place. If the CRA can't confirm the info, they will delete it.

Real estate lawyer would be the best bet. This will cost some time & money so be prepared.

You really need to seek this answer from an attorney as every state has diffent laws. In our state a judgment is good for 10 years. payment to the court registry would get you a release, but your money would sit there for another four years before you could get it back. Besides there may well be a legal proceeding in bankruptcy with a trustee who would be looking for your mother's payment. Just because the company is not in business, does not mean there is not a receiver. So get with an attorney, pay the $150 or so to get an answer and possibly a way to proceed.

If a company goes bust, the government will appoint an "official receiver" to collect from its debtors, or sell the debt on to other collectors. But you never know your luck.

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