09-27-2012 10:09 AM
When I applied for my mortgage through this program the bank was having i was preapproved and then they ran it again and dug deeper and saw the judgment/restituion i have to pay that i have been paying since i got it in 2008. So the bank said if the goverment isnt willing to let them get first dibs then they cant give me the loan. Is there anyway to apply for a mortgage while making your payments on your restituion on time? i owe 33,000 which i dont see me paying that of anytime soon. I BEEN PAYING THE GOVERMENT ON TIME AS WE AGREED MONTHLY. DOESNT SHOW ON ANY CREDIT bureau. bUT WHEN I DID THE ABOVE AND THEY WENT DEEPER IT POPPED UP. ARE THERE ANY OTHER PROGRAMS I CAN GET INTO?
I think there are lenders who will let you get by with a judgment if you have entered into a payment plan and can show 12 months of on-time payments. Pretty sure I have read that on here before. Try some searches for "judgment and payment plan."
If your current lender won't play ball, look for another lender and ask them specifically about the judgment.
Yes, it called the lending game. And if I am going to lend you money, then I want to be first in line to collect what is owed to me. I had the same problem a few years back when I was paying Child Support. Most lenders would not touch me Because if I ever got behind on Child Support, the Government Agency Lien would supercede the financial institution lien. As you can see, this would put the financial istitution at great risk should you default on your Child Support. Consequently, my financial istitution charged me a higher interest rate for my mortage because of the greater risk.
Your name probably came up in the CAIVRS system. It's some sort of online database of delinquent federal debtors. if you owe a debt to the federal government then your name is on this list. that delinquent information may or may not be on your credit report, but CAIVRS will pick it up.
I see. I was thinking that I should just try diffrent lenders and see what happens. I been paying on my jugdment ontime for 5 years and never missed a payment. Maybe I'll have some luck...i dont know. I know my credit score it good though...thats one thing i have right
Are you sure the denial is due to CAVIERS? Maybe the reason is because the judgement wasn't disclosed on your app and now they have to calculate it into your debt-to-income ratio?