HELP with recent Judgement

[Anonymous]

As someone who has gone through this before I'm pretty certain that you guys had to be aware that you were being served.  Two of the times the local law enforcement officers chased me down to serve me with the paperwork so I really doubt that they would just send you letter without serving either you or your husband first.  Maybe the laws in your state are different but in the state I live you have to be served by someone.

As for the reporting if you already missed the court date then you pretty much gave up your rights to fight the judgement and it will more than likely be filed against you in favor of the creditor   At that point you can pay off the amount owed and they will just note the judgement as satisfied and it will drop off your husband's credit report in 7 years.  I wish i had better news for you but I've had three of these and from everything I've read judgements they work differently than charge offs/collections so unless you can get the judge to vacate the judgement, you can't really get a PFD since it's a public record now.

[Officer737]

It may post to his credit profile if the courts report them. Pay it off as soon as possible and then check your state's laws on motions for vacating a judgement. If your state permits it and the courts approve it, the judgement can be vacayed and removed from the history and the creit score will rebound. 

[StartingOver10]

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@angie23 wrote:
Should we contact the creditor and see if they will settle? Or is that a slim chance since they won the judgement?

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Judgements can be negotiated too, just like other debt. Make sure when you pay the negotiated amount that you get the Satisfaction when it is paid and that it is recorded in the public records so it can't come back to bite you down the road.  It doesn't help you at all to pay it and not get a recorded Satisfaction.   Judgements accrue interest at the statutory rate for your state, so look that up before you call so you have all of your information before you call.  If you have been mortgage shopping it will work against you as the creditor can see the inq's and knows that you have to have it paid before you close so they stick to their guns (usually) when they see you need it paid off in order to get your mortgage approved.  

Some states will vacate paid judgments. Not all. Check your state's statutes if they allow that.  Otherwise the Satisfaction shows that it is paid. 

Judgments last for a very long time. 10 years in some jurisdictions, and 20 years in others. They can be renewed for the same period if unpaid. This is one of those debts you want to take care of sooner rather than later.