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TRYING76
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 Posted: Thu Mar 05, 2009 9:53 pm Post subject: A JUDGEMENT ON CREDIT REPORT |
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My husband and I are trying to purchase our first home and I have learned that I and my husband have a judgment on our credit report for 3,000 at this time we have no extra funds to pay the judgment off. I checked our credit score just to see were we stand an come to find out we are both in the middle 600 range. My question is can we still obtain a home loan with a judgment on our credit reports?
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 sara
Moderator
Joined: 05 Jul 2006
Posts: 1861
Location: New Brunswick, New Jersey
353.11 Dollars($)
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| Posted: Fri Mar 06, 2009 3:34 am Post subject: |
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Hi TRYING,
Your husband will have to pay off the judgment on his credit report in order to get a home loan. Until the judgment is paid off, the lenders will not be ready to approve the loan. Moreover, in order to get a conventional home loan, both of you should have a credit score of around 700-720. In that case, if the judgment is paid off, it will also have a positive effect on your credit report and improve your score.
Take Care. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 9791
Location: bloomfield, ct
42.59 Dollars($)
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| Posted: Fri Mar 06, 2009 11:58 am Post subject: |
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trying, you may wish to seek a loan for the funds to pay off that judgment. there may be a loan company, a credit union or a local bank that would be willing to take that risk with you. keep in mind that the monthly payment on such a loan would have an impact (not necessarily a big impact) on your qualification for the mortgage loan you're seeking. be prepared, if you get the loan and payoff the judgment, for your mortgage lender to ask for the details on the loan. keep all records of everything you do, as you'll be asked for them. ensure that the judgment, once paid, is properly reported as paid with the court, and that will then show up on your credit report.
assuming that you can afford such a small loan, your credit - as you described - ought to be sufficiently good that a lender will work with you for such a small loan.
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George M. Akerley
Loan Consultant
860-221-5044 |
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need advice
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| Posted: Thu Aug 20, 2009 8:11 am Post subject: judgement |
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| i have a judgment on my credit report, i am trying to obtain a mortgage do it have to be paid will it make a difference |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 9791
Location: bloomfield, ct
42.59 Dollars($)
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| Posted: Thu Aug 20, 2009 8:59 am Post subject: |
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my opinion is that you'll have to repay the judgment before closing. lenders are so tight nowadays that anything which can cloud a property's title must be reckoned with.
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George M. Akerley
Loan Consultant
860-221-5044 |
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Terry Hendriksen
Guest
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| Posted: Wed Sep 23, 2009 12:19 pm Post subject: Efect of a paid Judgement |
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| Does anyone know what effect a PAID judgement has on credit score? |
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