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Answers (4)
- George Raymondo, "The Loanranger"
- Contributions:144
In order to purchase a home, only government loans i.e. FHA, VA, USDA, will allow a judgment to be unpaid (which can become a lien against real property). If you have, for example a State of CA tax lien or IRS tax lien, we allow those to be unpaid only if you are in a re-payment arrangement. Child support is another example, I just closed an FHA Loan where the borrower had a $38,000.00 judgment for child support arrears. In his case, he was on a wage assignment and had been so for several months and was easily seen on his paycheck stubs. Having said that, it is up to the particular lender you go to. Their company policy may require all liens (judgments) to be paid. Please contact me if you have any additional questions.
- Kathryn Alesandrini, "Kathryn A"
- Contributions:6
Let me give you a "straight" answer. :-)
The way you've asked the question, it sounds like the lien is on the home you are currently living in, is that correct? Liens such as a tax lien do impact your credit adversely. So check with a lender to see if you qualify to purchase another home based on your current credit and income scenario. You may have to sell your home before you can purchase a new home. If the lien is on the home you are wanting to purchase, however, then the lien gets paid off during escrow and you receive clear title to the property at the end of escrow. Does that answer your question??
The way you've asked the question, it sounds like the lien is on the home you are currently living in, is that correct? Liens such as a tax lien do impact your credit adversely. So check with a lender to see if you qualify to purchase another home based on your current credit and income scenario. You may have to sell your home before you can purchase a new home. If the lien is on the home you are wanting to purchase, however, then the lien gets paid off during escrow and you receive clear title to the property at the end of escrow. Does that answer your question??
- Pasadenan
- Contributions:21451
perhaps you meant lien? I certainly wouldn't buy a house that has a lean (that is the house is sinking... and crooked...).
Lien on what? How much debt? How much income? Loan to value ratio? Will you pay off the lien?
Why don't you just request a quote from mortgage marketplace?
OR, just pay cash and no-one will care.
Lien on what? How much debt? How much income? Loan to value ratio? Will you pay off the lien?
Why don't you just request a quote from mortgage marketplace?
OR, just pay cash and no-one will care.
- falsedawn
- Contributions:98
No, you need to be standing straight up.
Can you still buy a house if you have a lean?
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