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can you get an fha mortgage with tax lien and some judgements

tax leins and judgements are over 3 years old

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome radkinsjr,

In order to qualify for an FHA loan, you should have at least 1 year of clean credit report. All judgments should be paid off in full prior to closing. If a collection account requires a low payment, you need not pay it off in order to get the loan approval.

Federal debt such as tax liens often prevents one from qualifying for an FHA loan. You need to arrange for payment of such debts so that you can get the loan approval.

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radkinsjr's picture
radkinsjr | Joined: September 17, 2008 11:45 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

thanks for your reply, I am working on clearing them up, fortunately its only a few. I just wanted to be certain what I heard was true. Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My credit is good except for an old federal tax lien that I will never be able to pay off. Is there any chance of getting a mortgage?

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jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi cindylu!

A tax lien will definitely harm your credit score but I think you can get a mortgage. Speak to a lender and check the options available in your case.

Thanks,

Jerry

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have 2 judgements on my report one goes back to 1995 they renewed it in 04, and I have another one from an old landlord in 04 . what are my chances of getting a loan. my fica score is about 640 ?

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stephenie1's picture
stephenie1 | Joined: December 20, 2007 10:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Lisa,
We would have to look at the entire situation and it would be up to the Underwriter. However, it would be best to settle the situation and have the judgement paid.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We've been conditionally pre-approved for our first mortgage through FHA, but I just got a letter saying that there's been a default judgement (for about $3,000) awarded against me. Our credit scores are fine other than that. Is this going to prevent us from getting a home loan? How long does it take for a judgement to appear on our credit reports? And if they do require us to try and resolve it, do we have to pay the whole thing off or could we set up a payment plan instead?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

the judgement was for an old credit card...sorry, forgot to mention that. Also we're in Texas, if that helps. Thank you!

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi becky

As far as I know, a judgment stays on your credit report for at least 7 years. It will also affect your credit. It will be better if you can pay off the old credit card debt. If you pay it off, it would be listed as "satisfied" and be expunged after the 7 years expired. It will be the lender's discretion whether he will give you the loan or not.

Thanks.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We would like to get a VA loan, however we have a tax lein appx 25,000. our income is recently at 100k, could we qualify for a loan, if we set a payment plan. We were on a plan originallly, we had to default, not sure if they would re-set up again for us...afraid to call. Any chance we would qualify, credit score are about 630.

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

As far as I know, a lender will not be ready to give a loan if you have a tax lien on the property. [quote:6894b3efc8]We were on a plan originallly, we had to default, not sure if they would re-set up again for us[/quote:6894b3efc8]Did you already had a mortgage on the property which you have defaulted? In that case, you should speak to the lender and check out if you can get an option for loan modification or not.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am preparing to build a home which should be finished in Sept. I have taken steps to despite and correct items on my credit report as well as applied for a secured credit card to help boast my credit score. Everything is going well, except I will owe taxes for 2007 about $5000.00. Will owing taxes prevent my FHA loan to get approved if I have started setting up payment plan.

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jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi renee,

Any tax liens placed on the property can prevent you from qualifying for an FHA loan. But if you have worked out a repayment plan and have made payments on time for the past six months, you can qualify. You can also qualify if the lien holder subordinates the tax lien and takes a [url=http://www.mortgagefit.com/second-mortgage.html]second mortgage[/url] position.

Thanks,

Jerry

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

renee, you'll have to hope you find the right lender. allowing a tax lien is up to the lender, and many will require that you have it paid off.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

A tax lawyer told me that a judgement would be on the credit for 10 years and then come off, I believe that was from roni duech that only deals with taxes owed to irs. Thats who I have.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hello,

I am a first time homebuyer with a fico of 640, however, I have a judgement against me for a repo 5 years ago.

The judgement is for 8,000, however, when you pull my credit report accounts, it shows this account (ford motor credit) as paid in full with 0 balance, yet pulling public records shows an amount due.

Will I have to pay back this judgment? Even though my account balance for ford motor credit shows 0 balance and payments on time. this money is not listed through any other credit agency.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

did you actually pay the amount due to ford motor credit on the judgment? if you did, then you wouldn't have to pay it again. if you haven't paid it, then you will have to in order to get it removed.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

No, I did not pay the amount, nor am I able to pay it.

However like I mentioned, FMC on my credit report accounts shows $0 due, but the Clerk of Courts shows a balance.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

and as i mentioned, if you want the judgment satisfied, you must satisfy it.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Well, my CR states I owe $5306.00 due to a repo 9 years ago. The Judgment was 5 years ago.

I can barely give them $50.00 a month. Do you think this will satisfy a judgment so I can get financing on a home?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

my husband and i make over $90K combined. My credit score is about 722 and his is about 640 or so. We pay our bills on time and pay credit cards off every month. He has a judgement for $12K from years ago. He made payment arrangements but cant pay it off in full. We are looking to buy a house for $75K. Will we have problems. He has been making payments for about a year now on the judgement.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

there's a possibility that the $75 monthly payments can be factored in as a monthly obligation. you'd need to document the payment schedule - get a history from the judgment creditor to reflect balance and payments made. otherwise, if you think you'll qualify on your own based on your income, you can do it that way. $75000 is not a great deal to spend on a home, so you may be able to do this individually in the event lenders are not willing to take a flyer on your husband.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have a tax lien on my credit report from my estranged husband=we have been sep for over 10 yrs. I want to buy a house with a friend. She has great credit and makes more $$ than I do..what are chances I can be put on this loan with her even if I have the lien??

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

is the tax lien strictly tied to your husband, or are you a party to it also? that's the key question and your answer is going to be critical.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I discovered the lien on my credit report when I went to buy a car in 2006. It was all from my husband but being married, I understand Im as liable as he is. I want to buy a house and my friend has the income & credit, I just want to get on the mortgage with her. I do have a tax lawyer who is going to help me with "innocent spouse" but I was wondering if it would hurt to go ahead and try for the mortgage anyway?

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

well, the worst that can happen if you attempt to get a mortgage now is that the lender could tell you "no."

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am trying to get Pre Approved for a mtg loan my lender has went thru providing how much I qualify for she stated that at this time due to previous history I had she was having the Loan Underwritten prior to giving the preapproval.

I clean up much of my credit history my scores are up to 636, I noticed a new judgement recently for 1,114 on my credit report for an old item from 2006 will this hurt my pre approval. I am going to repay this because it is not much wondering if this would hurt my loan that is in process.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

lovely what ought to happen is that the underwriter will add a condition to an approval requiring that satisfaction of that judgment be provided. it ought not lead to a denial.

but if you already paid it, why pay it again???? if you have documentation of payment, all you need to do is provide it to the lender, but you also need to go to the judgment creditor and request that they follow through by reporting your payment to the court that issued the judgment.

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savior70's picture
savior70 | Joined: March 25, 2009 05:14 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi

Your credit score is good enough to qualify for a loan. But the judgment is a negative item on your credit and can pose a problem to the pre-approval of your loan. It's better to pay it off it off as early as possible so you can qualify for the loan.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We are in the process of purchasing a home. We currectly love in an apartment. We have worked diligently to pay off bad debt - although, my husband owe back taxes but have a payment agreement set up. Will this prevent us getting a loan? Will the amount of the back taxes be cleaned off with the 8,000 tax credit the government is offering this year?

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

jazzy, some lenders will grant a loan while a borrower is in a payment arrangement such as you described. everyone's very picky in 2009, so you'll have to do some digging to find the right people. as for the tax credit, assuming he owes less than $8000, then i would imagine the existing debt will get taken care of.

pretty soon you'll be able to love in a house.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I HAVE A BK THAT WAS FILED IN 02/2001 AND DISCHARGED IN 06/2001. IT'S BEEN 7 YEARS AND IT HASN'T CAME OFF OF MY CREDIT. WOULD A LENDER LOOK AT THAT AND SEE THAT IT'S BEEN 7 YEARS OR WOULD THEY REQUIRE ME TO GET IT OFF?? MY MIDDLE SCORE IS A 597. THANKS

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I know it has been said that oweing back taxes will disqualfy you from FHA. BUt just to be clear, I wanted to ask this question. If you have a 620 or above FICO you will be approved by the Automated Uderwriting System. If AUS approves you, can the back taxes still disqualify you? Does the AUS review tax history, or is it maybe included in the data that is ran through AUS?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi, I put an offer in on house but I have a judgement on my report. Can I still be approved by just writing a letter and showing I'm on a payment plan?

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jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Tiffany,

If the bankruptcy on your credit is 7 years old, you should write a letter to the credit bureaus and request them to remove it from your report. If the bankruptcy is so old, it is expected that the lender would not take it into consideration while approving your loan. But it is no doubt better to get it removed from the credit report. You should also work on your credit and take it to at least 620 to get good loan offers.

Hi Darlene

As far as I know, even if you get approved for a loan through the Automated Underwriting System, your loan application will be manually checked by an underwriter. If you owe back taxes, it may disqualify you for a loan. But if you show your intention to pay off the back taxes and write a letter to the underwriter stating what measures you are planning to take to pay them off, the underwriter may still approve your loan.

Hi Travis,

If you are on a payment plan to pay off the judgment, the lender can approve your loan. But there is no guarantee that they will do so. It depends on the lender you are working with. But if your credit is otherwise good, you have a sizeable down payment and you can afford the mortgage payments, the lender would usually want to offer you a loan.

Thanks,

Jerry

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

The IRS filed a tax lien on our home. The home is in my wife's name and the lien is because of a tax problem I had before we were married. Is it legal for them to file the lien on my wife's property? The lien was filed about 9 years ago. We didn't even know about it until this year. We've been married 14 years.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I hired a lawyer who has really not done much except by time, the promise was to help me make an OIC (Offer of Compromise). The lien was placed on my credit in 2004 unbeknownst to me.I was advised by a tax lien advisor that works for the IRS to try a PMM Purchase Money Mortgage, however all the lenders I have contacted either have never heard of it or won't do it. The amount they claim I owe I could not pay. How do I go around this HUGE OBSTACLE???

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

linda, are you by any chance aligned with any of the previous posters here? if not, then your post is simply confusing by itself.

lenders who don't know what a purchase money mortgage is ought to take down their logos, their shingles and their signs because they obviously aren't really lenders.

i don't comprehend why a tax lien advisor would suggest such a thing, however. and a lien isn't placed on credit; credit agencies report information that they garner from credit grantors, municipalities, courts, etc.

please clue us in on your overall situation a bit more; i can't figure out what to tell you based on your comments.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My husband and I got qualify for a home and had a closing date. I informed the lender if he had noticed the tax lien on me and my husband which was on our credit report and this had caused problems before. He said he thought it was satisfied but even I know it would have been listed on the credit report as satisfied. He said he would take it to the underwriter. What are our chances?

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

janet, please explain: is the tax lien satisfied? if anyone will know that answer, it is you and your husband. the lender wouldn't know, and if you have already been qualified (approved?) and have a closing date (proposed or real?), then the underwriter would have already seen and taken action on an unsatisfied lien.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My husband and I have pretty much been approved for a FHA loan based
on his credit scores...we are paying monthly payments to the IRS for taxes he owed before we ever got married...I pay this monthly and have never been late..but a tax lien has shown up on his credit report from 1993
is this going to kill our loan?????

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

need...i don't quite get it. if you were "pretty much" approved based on his scores, how did the tax lien suddenly appear? wasn't it taken into account on the credit report from which those scores were drawn? have you had a conversation with the lender about this 26 year old lien? is there still money owed on this lien?

i'd have to think that the lien had been taken care of by now, and merely sits unreleased due to some bureaucratic error. at least, that's what i'd hope to be the case. can you shed some more light on this situation?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Yes, it is on the same credit report that shows high scores...and that the lender based his info on....he called today and questioned me about the lien from 1993 and said he would have to explain it...is there a statute of limitation on back taxes? How do I get this taken off our credit report...IRS
won't discuss this with me...it was before we were married....

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

the irs can answer generic questions such as you asked above about a statute of limitations, but you'll have to sic your husband on them to get to the bottom of this old reference.

you have to determine how valid this is before you can begin attempting to remove it from credit. have you drilled the lender to find out why this is now an issue when it wasn't earlier?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I just want to know where to go or who to call to make payment arrangements to a loan modification on our home. We defaulted twice and got 2 loans from HUD to become current on our payments and that put a lien on our house to be repaid.

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savior70's picture
savior70 | Joined: March 25, 2009 05:14 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

It is not possible to get an FHA mortgage with a tax lien and judgment. You will first have to pay off the liens and judgments to qualify for an FHA-insured mortgage loan. If you want to pay off the liens through payment arrangements, you ought to contact those who put the lien on your property. If it is a lien for the FHA loan you took, you need to contact the lender who you got this loan from.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi, I'm trying to buy a house for the first time through FHA loan, but I have a default judgement showing up in the report for $15K from COLONIAL CREDIT CORP dated back in 2006. My FICO score is 685 and have been paying all my bills (two car loans and 4 credit cards with low balance) on time, never missed any payment. What is my chance in getting FHA loan, or any mortgage loan for that matter?

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest!

Welcome to forums!

With a credit score of 685, you'll be able to qualify for a FHA loan. However, it would be better if you could pay off the credit card debt that is showing up in your credit report. This will help you in improving your credit score to some extent. I would suggest you to contact the lenders for FHA loan and check out whether or not you qualify for it. You can even speak to the lenders of this community and seek a no obligation free mortgage consultation from them. This will help you know the type of rates and terms that you would get from the lenders.

Feel free to ask if you've further queries.

Sussane

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

mya gal, it all depends on who the lender is, frankly. many lenders will now require that any collection account be paid in full before granting a loan. you may find someone who'd allow that account to remain open, but i'd surmise that even then you'd be required to make payment arrangements with that creditor in order to get an approval. your score is fine, but that's not the only portion of the credit report that is perused. a collection of that amount stands out like a sore thumb (nice cliche, eh?). you may have to check around with a variety of lenders before you get finality on whether or not you can be approved.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am due to close on a property in a few weeks and just discovered I have a federal tax lien that was filed in October. Since then I have been working with a tax resolution specialist to set up a payment plan. They never reported when they took me on that there was a lien and I never received advisement of one. Will I still be able to close and get the FHA loan I requested?

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