Profile picture for Bellab1

can I get a mortgage with a judgment?

Can I get a mortgage with a judgment aginst me?  I tried to call the bank and pay off the judgment but they wanted double the amount owed.  SO can I get a mortgage?
  • August 17 2011 - US
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Answers (10)

Old thread but the subject or question comes up all the time. Regarding purchasing a home with my Company, Judgments do not have to be paid off under the following circumstances.

1.) IRS Liens- If you are in an Installment Agreement and have 3 month payments under your belts, you so NOT need to payoff the Judgment. We can do an FHA, VA, or USDA loan for you.

2.) Child Support Arrears- If you are currently paying Child Support and can show a consistent payment history for the past 3 month via a Wage Garnishment or Voluntary Payment Method, and you do not payoff the Judgment.

3.) State Tax Liens- If you are in an Installment Agreement and have 3 month payments under your belts, you so NOT need to payoff the Judgment. We can do an FHA, VA, or USDA loan for you.

Hope this helps some folks out there.
  • October 09 2014
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Profile picture for creditczar
You are going to have to have an asset check done to locate the assets of said individual or sell your judgment.  
  • October 07 2014
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I have a judgement against me from a person what can I do if I can't find the person
  • August 30 2014
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You are going to have to satisfy the judgment.  Negotiating the judgement, with which you have had no luck, may be best to leave to a professional.  Judgment accrue at the rate of 10% per annum, meaning that in ten years it will double.  Additionally, the judgment can be renewed if not satisfied in the ten year period for which it is valid, meaning that it will go on for another ten (10) years and so on.  The oldest judgment we have dealt with was 23 years old and it was for a $700 debt that ended up being around $3800, we settled it for $1400 and it was no longer on our clients credit report.  We specialize in settling debts, but do not guarantee removal, though we have had luck in doing so. 
  • January 16 2012
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It depends on the type of loan you are working with. FHA allows if it is on a plan, where convention is a no go. It sounds like the credit card company is not being very flexable. I would tell them to remember the statute of limatations on these things are 7 years so they have 2 year to collect roughly. You may want to speak to an attorney if they are not willing to work with you.

Rick
  • August 18 2011
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I don't see how credit "repair" is going to help when you have to answer yes to the Are there any outstanding judgments against you question on every loan application.

FHA financing is OK with open judgments, but only if you are on a repayment agreement and can evidence perfomance on that agreement (typically for 12 month period).

If you haven't made any payment on the judgment and want to purchase sooner than later you will need to satisfy the judgment.

Negotiating judgment settlements is a difficult task, very different than negotiating on unsecured accounts.    At best, you might be able to get some/all of the interest waived.   If you are unable to settle, setting up a payment plan would at least put you on track to being eligible to purchase.

This is not legal advice, only an opinion.
  • August 18 2011
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Profile picture for jmsharpRE
Bellab1,

Since negotiating with the creditor does not seem to be an option then I would suggest credit repair.  I send my clients to Arturo Alluin of Creducacion.  If you'd like his phone number contact me by clicking on my profile and I'll give you his information.  

Sincerely,
Jeff Sharp
  • August 18 2011
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Profile picture for Bellab1
Thank you for the advice.

I called the bank to make an offer.  This was a 5k credit card that went bad when my husband was injured in 2006 and rendered disabled.  Today, I offered the bank 6k.  They WILL NOT settle with me and insist I pay the following:

Funds required for Visa Payoff through August 31, 2011:

Principal Balance and Interest:               $ 7,050.25

Attorney's Fees                                    $ 1,762.56

Court Costs                                          $    347.36

Cancellation of Judgment                      $      65.00

                                TOTAL DUE:          $9,225.17

I tried to explain that taking my 6k is better than nothing, they can't take his disability checks...they said that they were not interested.
  • August 17 2011
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Profile picture for jmsharpRE

Judgments typically have to be paid.  Especially on low down payment loans like FHA.  I agree with the other comment, try and negotiate the debt.  You can also dispute the debt by yourself and try to get it removed by using the Fair Credit Reporting act.  Google "how to fix my credit."

I hope this helps.

Sincerely,
Jeff Sharp

  • August 17 2011
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In most cases the judgement will have to be taken care of first. Keep calling and keep negotiating , call until you talk to the right person. DO NOT tell them you are trying to buy a house, you may get the same reaction. The judgement is recorded by the courts , double the amount?
Make some payments , and then try to renegotiate with them. Tell them you want to get this taken care of and offer a settlement. Ask for a mailing address, you may have better luck than you would with an 800 number.
Get any negotiations in writing and send a copy of the letter , if accepted. With your final payment.
  • August 17 2011
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