Profile picture for dan13ll3

Can I get a FHA loan with a judgement on my CR? This judgement is over 2 years pld.

I have scores of 525 - 585. I disputed items on my CR and had 6 removed. I am disabled and have several medical bills that have been disputed and now show as paid. I paid off everything else. i have 2 credit cards that are current (500 limit w/50 balance). car loan current. i'm now worried about a judgement from over  2 yrs ago that = 16000 for a car that my ex husband returned after we divorced. will i be req'd to pay this to qualify for a FHA loan? i'm working on my score diligently!
  • June 21 2009 - Hyde Park Brookwood, Southern Hills
  • 2Yes

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Answers (11)

Any community debt that you have may be involved in a chapter 7 and can hhave major effects on your credit

  • November 13 2010
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Profile picture for Liberty Mortgage
In my opinion, no loan is possible.  Judgement, must be paid and your credit score is a huge issue.  In my opinion, I would negotiate a payoff on the judgement and make sure if you both came to a dollar amount, the judgement would be removed from your credit report.  I would then concentrate on raising your score.  It appears you credit cards are perfectly maintained and in 6 months your score should be in the mid 6's-
  • October 28 2010
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Any luck yet?????
  • October 28 2010
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Profile picture for LEAH30
Your ex filing bankruptcy dissolves his liability not yours.  The creditor will come after you solely for the payment.  I suggest that you take your divorce decree to a family lawyer to review.  If the divorce decree states that he was suppose to pay the debt and he did not, he probably is in violation of the court order and you "may" be able to enforce the divorce decree depending on the language the judge used.  Please contact a family lawyer.
  • July 30 2009
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Profile picture for dan13ll3
Got my credit score up now from 572 - 647. My ex-husband says he is going to file Chapter 7. If he can include the judgement for the car, would that remove it from my credit report?
  • July 30 2009
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Profile picture for Liberty Mortgage
You will have an issue with the car.  The medical bills are not a problem as they are overlooked.  Another problem is your score.  I would call the creditor with the car loan and see what they can do.  It's worth trying to see if they can place the lien solely on your ex's credit.
  • July 01 2009
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It is "possible" but highly unlikely... Divorces are messy and if you were owed money by 2 people and they hated each other and created a loss to you... you probably would not want to "release" one even if a judge said he had to... that is the divorcing parties issues.. not the creditor.  I am not a bank and never have worked for one, but I am very straightforward about what is reality.  I would urge an attempt to "settle" with repocollection.  I know it stinks, but you need an FHA loan and need to "move on". If you were to get a "subprime" loan (really don't exist) you would simply overpay the new lender for your ex-husband's repossessed Camaro may times over.  With a little time... well paid real creditors and a resolution showing a settled and $0 balance,  your score will rise each and every month like a large wound healing over time... keep it clean and it will heal.  Do not finance a home with substandard loans just to avoid a hardtoswallow but manageable settlement.  Good luck to you.
  • June 21 2009
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Profile picture for dan13ll3
Thanks for your response,Martin. The credit cards are unsecured. I don't intend on using an internet lender. I have a car loan that has been current for past 3 years & due to be paid off August 2010. I've paid off everything left on my account that was negative or had it deleted myself. I view an updated CR often.
The judgement is my only concern now. My name was on the car also, however our divorce decree stated he keep and maintain pymts. (which means nothing to the finance company).Is it possible to have my ex have it moved to his report instead of mine? I know I'm reaching!
  • June 21 2009
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Profile picture for zag44
Oh, and yes I did/do have a judgement but it's been settled so the lender doesn't care about it. The judgement is nearly 7 years old and will be falling off my report soon anyhow.
  • June 21 2009
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Profile picture for zag44
I can speak about this to some degree. The car loan - yes, that will have to be paid before you are able to get a mortgage but you should be able to negotiate something with creditor. These days creditors are making some amazing settlements. Do not attain any more credit. Get everything negative removed from your credit report that you can. Even if it's something valid, dispute it - I did this and got a number of things deleted simply because the creditor didn't respond. I paid or settled almost everything and what's left is trivial stuff the lender doesn't care about. Doing all the above I was able to raise my credit score nearly 90 points over 9 months' time and got approved for a mortgage no problem.
  • June 21 2009
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dan,

Geax Tigers! (LSU '87). You will have issues with a judgment if it is still valid.  If you are looking to buy a home in just your name and the judment is in your name, you may have to come to some type of agreement.  I would suggest finding a local lender that has integrity and smarts.  Your situation is not for an online turn-n-burn lender.  They can give you a "roadmap" of sorts to potential homeownerhsip.. Pay X & Y and thenshow proof and get revised credit report to really show you are ready.  The 2 $500 Visa cards (sound secured) only total $1,000 in credit and I am sure you want a much larger loan for a mortgage.  Showing proof that you have and can continue to handle a large long-term obligation is what they really want to see.  Scores are barometers of sorts, but getting to gournd zero on past debts and relationships may be the first step.  NO INTERNET LENDERS... You need face-to-face workers as this needs work.  You can do it, but do not fall for the "patchuptheoldscore.com" Schtick... If you owe it... they will show it... Good luck to you.
  • June 21 2009
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