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is it possible to buy a house with a judgement that's 4 years old? we have been trying to buy a house and got pre approved but lender says we have to pay that off or title company won't pick up the loan which we were going to do asap since we are able to pay it off..now we have another collection agency suing us for a credit card 4 yrs old and are seeking a judgement so it is double whammy for us as we have been working hard to hear we can get a house then this.

michelle · Posted: Thu Nov 29, 2007 7:06 pm Post subject:

Welcome to the forum jpalacios161

There are a few lenders who do not require judgments to be paid if the DO NOT AFFECT TITLE. In your case, it appears from the information you provided that the current judgment does attach to title so more than likely that will need to be paid prior to or at closing.

You may want to try to settle the other credit card debt now before they get a judgment. It may be too late to get them to accept a settlement offer, but it would be worth a shot. Call them right away and talk to them.

I am not an attorney so please do not take the above information as legal advice. I would highly recommend you also contact an attorney regarding the pending judgment and your title issue.

Good luck - I hope you can work everything out and buy a home soon.

Guest

well the first judgement was from a car repo in 2003 and we are willing to pay that but the credit card debt is over $17,000 and most in fees..what does do not affect title mean exactly

michelle · Posted: Fri Nov 30, 2007 5:01 am Post subject:

There are some judgments that will not attach to the title of your home. Most any judgment related to a banking or financial institution will attach, especially if they are large. Many times we do not even know if they will or will not attach until the preliminary title report is run.

It is my opinion (and opinion only) that if the cc judgment proceeds it will attach due to the size and type of creditor. Once they obtain that judgment, it will be very difficult to settle the amount due. Is there anyway you could establish a repayment plan?

Also - the lenders that will not require judgments to be paid often charge very unfavorable rates.

I would recommend that you seek the guidance of one of your local HUD pre-purchase housing counselors. They would be able to sit with you, view all your finances, help you sort them out and offer some great advice about getting on track to purchase a home.

banker0679 · Posted: Fri Nov 30, 2007 9:39 am Post subject:

First....find out what the Statute of Limitations is in your state. Some states are 3yrs....so if you havent sent in a payment..or negotiated anything with them....then they're out of luck. They can take you to court...but you can claim the SOL on it.

2nd....Judgments are cases won in COURT. Collections isn't a judgment...and the only way they can get you to court is if they SERVE YOU. Other than that it stays as a collection on your credit report.

3rd....All judgments can be attached to your property. It's up to judgment holder to file for this. If you moved to a different state..they will need to file for a judgment in that county/state as well.

4th payoff the current judgment....you will need to pay it off anyway because it will stay on your credit report. Most states allow judgments up to 20yrs. 10yrs the first time....and it can be renewed for another 10yrs.
Always pay the judgments!!!!

livinginnky · Posted: Fri Nov 30, 2007 11:51 am Post subject:

jpalacios161,

Welcome to the forums.

I don't know of any reputable lenders that will allow a judgement to go unpaid. The reason is simple... If you get a house the judgement can become a lien against the house, and usually becomes one automatically. Why would a lender want to take that chance?

fireyone_02 · Joined: 20 Mar 2008 Posts: 280 2.09 Dollars($)

Yep pay those judgemnents>They have a way of following you around..and haunting you.

jbarto65 · Joined: 04 Nov 2007 Posts: 622 -0.15 Dollars($)

They will never go away and everytime you have a dime coming it will be subject to garnishment, better off to pay them off and get rid of them.

fireyone_02 · Joined: 20 Mar 2008 Posts: 280 2.09 Dollars($)

Sometimes it is hard to find any extra money for this type of thing. So many of us are already deciding between food on the table and bills. Still got to get rid of that judgement or make some serious efforts to pay. It is better than having a black cloud following you around.

jbarto65 · Joined: 04 Nov 2007 Posts: 622 -0.15 Dollars($)

The gas prices are crazy, taxes are going out of control, if you can set a side any money at all these days, it is a miracle. I do agree that you should make some type of arrangement to pay on the judgement. Hopefully you will find a way so that you can get this weight off your shoulders and the black mark off your credit report and can move on and buy a home. goodluck and keep us updated.

gmakerley · Posted: Sat May 03, 2008 7:40 am Post subject:

actually, if one is able, it is easier to pay a bill before it ever gets to the judgment stage.

unfortunately, there are many who are unable to pay due to legitimate circumstances.

unfortunately also, there are many who simply lack the understanding to make payments on a regular basis on debt incurred. educating the masses is the best way to eliminate these issues before they occur. too many of us are lacking the basic skills to obtain and maintain credit in a satisfactory manner.

it's a good thing we have some level-headed people volunteering their time and adding their advice to this forum. if we can help a few folk along the way, it will be a blessing to us all.

gmakerley · Posted: Sat May 03, 2008 7:41 am Post subject:

and, oh yes, another thing.

i agree with banker and with eric (seems i always agree with those guys!)...if at all possible, pay the judgment.

jbarto65 · Joined: 04 Nov 2007 Posts: 622 -0.15 Dollars($)

Unfortunately, many people find them selves in bad situations, that is how I found the debt forum, I can say that it help me through the mess that I was in.

1. It let me know that I was not the only one out there, I no longer felt like a loser, but did see that there was light at the end of the tunnel.

2. I had a support system that stayed with me for the entire process, they not only shared my problems but my success also.

3. I still have a network of friends there, I can share my experience with those who are in the same boat as I was.

I continue to visit and help out when and where I can on the debt forum.

fireyone_02 · Joined: 20 Mar 2008 Posts: 280 2.09 Dollars($)

You are so correct. I could not believe that I found myself here. I use to think people like me got where they were by foolishness but when it happens to you my my your eyes do open.

jbarto65 · Joined: 04 Nov 2007 Posts: 622 -0.15 Dollars($)

I found it so much easier when I did not feel like the fool, the people their at the debt forum were so understanding and shared their personal experience, they did not hold anything back which helped me be honest with myself and get it together. I am recently slipping here, but have the strength and the knowledge to get back on track in the next two paychecks. I will be okay, I have learned that from the debt forum. they were a huge help for me.

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