i have a judgement but want to buy a home .can i ?
i have a judgement against me but it doesnt show up on my credit report .can i still buy a home/
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Of course I found this site just after it was posted that individual questions would no longer be answered for a while but am hoping that you catch this one as Im clueless as to where else to turn.. Im in a similar situation to Cindy but with a twist.. Long story short: about 5 years ago we got our first mortgage (FHA loan) and then did a loan modification about a year ago. Now I have a debt collector who says I have an open judgement from BEFORE my first mortgage… I can not find any paperwork to prove I paid it even though I know my mortgage broker made us pay off everything for it to go through (but it was paid by a loan from my boss who paid it himself and has since disappeared so I have NO proof of that payment). They now have a judgement and are trying to take my wages. I do have years worth of credit reports showing the debt being reported there (prior to the mortgage) and then gone from my CR after the mortgage… but this is all I have to say/prove/show that I paid it off. Any ideas how I can fight this further before they take my wages? Would it even be possible for me to have NOT paid it back when I was paying everything else somehow yet my two mortgage still went through? I have no issues admitting I was wrong IF one was not paid but my feeling is that it HAD to have been paid. Am I wrong?
Dont lie about it – it will def. come up down the pike
If you pay the judgement off and let the lender know “hey, this was an issue for me and since I have paid this off.” It may be very difficult to continue with this and it pop up later. Most forms to apply should ask if you have had one. you would lose a lot of you lied and answered “no”
I would suggest letting the lender know for sure!
I would be honest on the paperwork,and I do think you are signing stating that you are being truthful so you would not want to have fraud involved. I agree with the earlier comment to get it handled first. Unless your paying cash for it and do not need a loan or you could try a owner financed property, that may work for you also. Good luck
Cindy,
From what I have heard from lenders, you may still be approved, but lenders usually require that certain judgments will have to be paid prior to closing. To be on the safe side, I would be honest with the lenders when you shop around and explain the situation and see what they say and then they could advise you what would be best for your situation. It would be terrible if something happens and some how or another it pops up on your credit when you least expect it and you lose all the time and money to find out you can’t get the home your wanted.Â
Cindy,
You can try. Â If your lender is not aware of the judgment you may get approved and get the home. Of course it may show up before closing and you may lose money already committed to appraisals, title searches and the like. Or you may successfully close and then have your wages garnished making it difficult or impossible to make your house payment. Or the judgment may result in a lien against your new home.
I can’t think of many happy endings to a purchase process based on a hidden time bomb sitting on your credit record. You would probably be wise to clear up the judgment matter before buying the house.
Good Luck!