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Guest

I have a judgement on my credit report for $25000 co-signing on a car for my ex-husband on my credit since 2004. Evil or Very Mad

Don't have any other negative credit issues. Very Happy

Pay all of my bills on time and was approved for a second mortgage in 07 that I just paid in full 5/09. No other debt other than 1st mortgage. I would like to know if I could get financed for a home loan without having to have the judgement paid. I would sue my ex-husband but he is unemployed and doesn't stay employeed long enough for me to get him to pay for the debt. He put the judgement in his bankruptcy but lost his job before it went through. Rolling Eyes

Will anyone lend me money for a home loan on my ablity to pay the loan? Question

Thanks[/font]

Guest

It's possible. You'll need an explanation letter and any documentation. Is the $25,000 what is left over after the car was sold by the dealership? Find out the amount of the short fall. You may need to settle the account . Being that it is so old some lenders may look the other way. You will need to test the waters on this. The stronger your other factors (income,debt,scores, loan to value) the better. So I would apply and see what the underwriters will require if anything.

brian3 · Joined: 09 Jun 2009 Posts: 80 21.31 Dollars($)

Jazzp thats a tough situation you are in. I can tell you that it will be very difficult to get you approved for an FHA loan, they require all debts to be paid off except some medical collections. Depending on your score and other qualifications you may be able to get approved for a conventional loan. Like walt said I would document all details regarding the collection and put together a loan package for a lender to look at. I know my underwriter would take a look at a potential loan application and tell them whether they would give an approval or not. This service would not cost you anything with us and should not cost you anything with other lenders either. Good luck

Guest

Thank you for your response. I have all of the documentation from where my ex-husband was suppose to get the car refinanced or do a voluntary refinance in my divorce decree. That's how I received my home equity loan in 2007 providing them with the facts.

I will gather all my current info and see what comes of it.

Again, thank you.

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Judgement on Credit