No one ever wants to lose money for any reason. We’ll do more to protect the money that we have (or the money that we are owed) over trying to figure out ways to earn more. It’s all part of human nature. It’s in our DNA. We hate losing money! That’s the way it is and it’s the way it will continue to be.
So, when asking yourself the question “Should I pursue a money judgment against my ex-tenant? Is it even worth it to bother?” I’d say the answer is pretty simple. Of course, you pursue it. You can’t let your former tenant get away with this. They owe you money and you should get it because you deserve it.
When Should You Avoid Attempting to Pursue a Money Judgment against an Ex Tenant?
In all honesty, it’s very difficult to determine when you should avoid attempting to get a money judgment against a previous delinquent tenant that you had to evict. Everybody has their own specific thresholds of pain that they are willing to tolerate. And everyone has a certain amount of money that they are willing to lose in order to move on with their lives.
Some suggestions by UMoveFree to consider in regards to avoiding a money judgment include:
· Determine the amount of money that you are willing to lose in past-due rent – for some of us, we lead very busy lives. We have too much going on to waste it chasing down delinquent tenants in a courtroom setting. Let’s say that you’re willing to lose $3000 in past-due rent. If your previous tenant paid you $1000 per month, you’d be willing to lose three months’ worth of rent in order to avoid the hassle
· You’d rather avoid hiring expensive attorneys – in some cases, the landlord owns too many properties and could never consider pursuing money judgments at that level. You would need to hire additional help in the form of attorneys. You may find it too expensive to hire attorneys to attempt to pursue money judgments. If that’s the case, then it might be better for you to let it go and move on with your life.
The Best Way to Pursue a Money Judgment against an Ex Tenant
Those of you reading this may have overlooked the best way to pursue a money judgment against an ex-tenant.
What are we referring to?
Hiring a collection agency to collect the money and take this responsibility off of your plate once and for all.
As we have discussed throughout this article, you are busy and you have other things that you have to do. You own multiple properties and have responsibilities to your paying tenants. Forget about attempting to collect this debt on your own. Hire a collection agency to handle the heavy lifting for you.
Using a collection agency is the best way to kill two birds with one stone. They take the responsibility of collecting the money judgment out of your hands and they provide a fighting chance at actually receiving some of the money owed to you.
Take advantage of collection agency services at your earliest convenience. And don’t unnecessarily lose all of your money for no reason.
Sources: www.ggrinc.com