Posted on: 29th May, 2008 10:05 pm
I have an unpaid debt from my previous marriage (my ex went through charge off) and the court issued a judgment order. I don't have enough to pay off the entire balance but I will be paying monthly on a part of the balance. I have been maintaining 4 credit cards with regular payments at times, with more than minimum payments or 2 cards. How is this judgemtn going to affect my current score and the credit cards? I have been able to raise my score by 125 and the thought of again going down frustrates me!!pls advice
Hi Kim,
Welcome to the forum.
A Judgment can affect your credit report negatively and reduce your credit score. So you should try to pay it off ASAP and after the final payment, request the creditor to sign a Notice of Satisfaction. BTW a Judgment stays on the credit repost for almost 7 years.
Best of luck,
Larry
Welcome to the forum.
A Judgment can affect your credit report negatively and reduce your credit score. So you should try to pay it off ASAP and after the final payment, request the creditor to sign a Notice of Satisfaction. BTW a Judgment stays on the credit repost for almost 7 years.
Best of luck,
Larry
Welcome KimAnn.
If a Judgment is obtained against you then your wages may be garnished and your bank accounts levied. It also has negative affect on your credit report.
If a Judgment is obtained against you then your wages may be garnished and your bank accounts levied. It also has negative affect on your credit report.
A judgment will not only effect credit, but it would have to be paid prior or at the closing table for any real estate transaction.
if you have made payment arrangements, you won't need to be worried about a wage or property garnishment.
of course, it will affect your credit; but once you've made payment in full, whatever negative impact it had should begin to dry up. by making your payments on a timely basis on other obligations, you'll maintain a good score regardless, i suspect.
of course, it will affect your credit; but once you've made payment in full, whatever negative impact it had should begin to dry up. by making your payments on a timely basis on other obligations, you'll maintain a good score regardless, i suspect.
I don't know if you have made any payments on the judgment. But there is a chance you could get it dismissed. You must prepare a Motion and Declaration to Vacate Judgment and an Order to Show Cause. This will allow you to turn over the ruling of the judgment if you have these reasons:
1.You were not served with a summons and complaint – you need to check
your state laws here. Some states say that a non-certified letter delivered
by the US Postal service is all that is required to properly serve a
complaint. Most states, however, require that you be served in person or at least get your summons sent certified, return requested mail. Here is a
good link to double check your state and county procedures:
"http://www.findlaw.com/10fedgov/judicial/district_courts.html"
2.You responded to the summons and complaint in time, but a judgment was
issued anyway without a hearing.
These are just a couple of things that can happen to change a judgment situation.
[Link deactivated as per the forum rules]
1.You were not served with a summons and complaint – you need to check
your state laws here. Some states say that a non-certified letter delivered
by the US Postal service is all that is required to properly serve a
complaint. Most states, however, require that you be served in person or at least get your summons sent certified, return requested mail. Here is a
good link to double check your state and county procedures:
"http://www.findlaw.com/10fedgov/judicial/district_courts.html"
2.You responded to the summons and complaint in time, but a judgment was
issued anyway without a hearing.
These are just a couple of things that can happen to change a judgment situation.
[Link deactivated as per the forum rules]
Hi Malissa.
Welcome to the forum.
Really some good information. why don't you introduce yourself at http://www.mortgagefit.com/introduce-yourself.html
Hope you will enjoy participating in the forums.
Best of luck,
Larry
Welcome to the forum.
Really some good information. why don't you introduce yourself at http://www.mortgagefit.com/introduce-yourself.html
Hope you will enjoy participating in the forums.
Best of luck,
Larry
here we go again...let's not pay the bills we generate - let's just see if we can trouble the system enough to get them deleted.
That is not what I am saying.. Getting it dismissed doesn't mean you do not owe the money.
George you work for a mortgage company. Can't a judgment make or break a deal? Many people get judgments on there credit and didn't even know they were served. Paying a judgment after the fact doesn't necessarily increase your credit is can damage it. The only way to improve the credit after the fact is to get the judgment deleted.
Malissa Harris
Please use standard forum signatures
George you work for a mortgage company. Can't a judgment make or break a deal? Many people get judgments on there credit and didn't even know they were served. Paying a judgment after the fact doesn't necessarily increase your credit is can damage it. The only way to improve the credit after the fact is to get the judgment deleted.
Malissa Harris
Please use standard forum signatures
any judgments would need to be paid prior to or at a closing in order to obtain a new mortgage.
i thoroughly disagree that the failure to pay a judgment would beneficial, unless it could be deleted for a reasonable cause. in general, a creditor who receives a judgment in its favor will not release said judgment unless paid in full, which only makes sense.
and i will never understand how a person can undertake an obligation, not make payment in full and then be amazed that the creditor might still want to get paid at some time in the future.
it's one of these situations: if i borrow $10 from you and never pay it back, can i now come to you for a loan of $1000?
honestly, what ever happened to establishing and maintaining, as best as one is able, a favorable track record? and the corollary to that is...if you are unable to make good on a debt, but find that later on you have the ability, what is the rationale is not doing so?
i thoroughly disagree that the failure to pay a judgment would beneficial, unless it could be deleted for a reasonable cause. in general, a creditor who receives a judgment in its favor will not release said judgment unless paid in full, which only makes sense.
and i will never understand how a person can undertake an obligation, not make payment in full and then be amazed that the creditor might still want to get paid at some time in the future.
it's one of these situations: if i borrow $10 from you and never pay it back, can i now come to you for a loan of $1000?
honestly, what ever happened to establishing and maintaining, as best as one is able, a favorable track record? and the corollary to that is...if you are unable to make good on a debt, but find that later on you have the ability, what is the rationale is not doing so?