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FHA Loan and Federal Judgement

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Readytomove Guest	Posted: Fri Jun 24, 2011 2:45 pm    Post subject: FHA Loan and Federal Judgement Like 0 Dislike 0 I also want to add that these two judgements were not reflected on my credit report. They were only discovered when my mortgage company pulled public records on me. I did not know the landscaping judgement was out there from 2005. I knew that I owed a debt to the feds, but I didn't know that there was a public record of it and I am current with it and it is not on my credit report.
chrisgummerson Community Expert Joined: 29 Apr 2010 Posts: 704 Location: La Palma, CA 9.98 Dollars($)	Posted: Fri Jun 24, 2011 3:10 pm    Post subject: Like 0 Dislike 0 Your lender would ask for proof that the judgement has been paid. And for the taxes, some lender will allow if you are on a payment plan. What has your loan officer told you? He should be the one who directs you. Ask him/her what the next step is if they can continue to approve your loan with the judgements. _________________ Chris Gummerson Bay Valley Mortgage Group bayvalleymortgage.com 714-367-5125
Readytomove Guest	Posted: Fri Jun 24, 2011 3:34 pm    Post subject: FHA Loan and Federal Debt Like 0 Dislike 0 My lender was working with the owner of the mortgage company today regarding this issue. I was not up front with them about this, as I didn't think to disclose it. I am not quite sure what they are going to do about it and I still haven't really explained to them that I am on payment arrangements regarding the federal debt. The landscape debt was paid in full years ago...right after I lost the case, I paid them their money.
chrisgummerson Community Expert Joined: 29 Apr 2010 Posts: 704 Location: La Palma, CA 9.98 Dollars($)	Posted: Fri Jun 24, 2011 3:42 pm    Post subject: Like 0 Dislike 0 Our guidelines allow if you are on a repayment. You want to be completely honest with the lender/loan officer. They want your business, but if they dont know the whole story, they cant just guess. If you think you might open up a can of worms, the Underwriter will find out sooner than later anyways...So you might as well come clean and disclose it all. Lenders use too many checks and balances/quality controls, to not find out things like alimony, child support, tax liens etc...Just give them a call and talk about it. If they cant do it, someone else might...Good luck _________________ Chris Gummerson Bay Valley Mortgage Group bayvalleymortgage.com 714-367-5125

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