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 kitz40060
Joined: 26 Jul 2007
Posts: 6
3.29 Dollars($)
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 Posted: Tue Aug 28, 2007 7:35 am Post subject: What is a judgement? What documentation do we need to show t |
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| what are the different types of judgement? also, how does it affect the credibility of the individual ? |
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Niicss
Joined: 03 Oct 2005
Posts: 1047
Location: New Jersey
156.17 Dollars($)
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| Posted: Tue Aug 28, 2007 11:03 am Post subject: |
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Having a judgment in your credit report does negatively affect your credibility. It also results in lowering your credit score and chances of approval for loans in future.
_________________
Good is the Enemy of Great. |
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carnahandavid
Joined: 21 Dec 2006
Posts: 239
58.40 Dollars($)
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| Posted: Tue Aug 28, 2007 2:00 pm Post subject: |
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| Quote: | | What documentation do we need to show the discharge from a judgement? |
When the judgment has been satisfied, it is the responsibility of judgment creditor to file a declaration about satisfaction of the judgment with the City Court.
And then send a conformed copy of this declaration which is date stamped by the court about partial or full satisfaction to judgment debtor. Creditor should file it with the County Clerk or give it to debtor to file the same. |
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larry
Joined: 27 Jun 2007
Posts: 3328
473.40 Dollars($)
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| Posted: Tue Aug 28, 2007 9:10 pm Post subject: |
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Hi kitz,
If a foreclosure procedure is not able to recover the due amount of the loan, the lender may file a deficiency judgment in the court. He may demand the outstanding balance of the loan from the borrower by placing a lien on any of his personal properties. A judgment continues to stay on the credit report of the borrower for long seven years. |
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Rosetta
Guest
0.10 Dollars($)
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| Posted: Wed Aug 29, 2007 4:57 am Post subject: |
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Hi Kitz,
There can be various types of judgment. They are:
1) Stipulated judgment: - In case of an agreement, when both the parties agree to what the judgment will be, it is called a stipulated judgment.
2) Alternative equitable relief judgment: - It provides an alternative for the losing party to either settle the matter or pay the judgment.
3) Conditional judgment: - It says that if the losing party settles the matter, then the judgment may not be passed against them. But if they do not do as ordered, the judgment will surely be passed. |
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evolovik26
Community Experts
Joined: 15 Aug 2007
Posts: 482
Location: Minneapolis
19.70 Dollars($)
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| Posted: Sat Sep 01, 2007 8:46 pm Post subject: |
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Simple answer judgment is a legal document that says you owe money to someone. If you have a judgment against you it means someone went to court saying you owe them money and have won the case. They can attempt to use the judgment to get their money from you by filing it as a lien against your assets. This procedure is costly and lengthy and usually isnt worth the effort. But most banks will require you payoff a judgement or resolve one if you are to refinance or purchase a property
_________________
Eugene Volovik
Branch Manager
Team USA Mortgage
612-481-3127
Conventional, FHA and Commercial Lending |
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