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DallasLoanGuy wrote:if you have a judgment.... then it is against YOU... not the business. it doesnt matter what it is related to.you will have to pay it to close....yes, it affects approval. however, i have had many people approved with the condition that they pay the judgment and then they didnt get the home because they wouldnt/couldnt pay the judgment.
MattH wrote:
Hey, Dallas and anybody else who knows, I have a different question about judgments. I was at fault in an auto accident a few years ago, and the case goes to trial in January 2009 unless my insurance company can settle with the other driver (she is asking $50K, they offered $30K, the lawyer picked by the insurance company says he doesn't think she will accept what they consider an very generous offer of $30K so it is likely to proceed). My insurance company says I am fully covered (up to a million dollars and this case will not come close), and because I was accident-free with them for many years preceding and three years following this accident my rate will probably not go up much if at all. My lawyer says not to worry about anything, the plaintiff will have to sign a form acknowledging the judgment has been satisfied in order to get paid, etc., etc.
I still am worried about whether this will affect my FICO scores (825 EX, others 20-40 points lower). Do you have any idea whether it will?
MinnesotaJ wrote:
DallasLoanGuy wrote:if you have a judgment.... then it is against YOU... not the business. it doesnt matter what it is related to.you will have to pay it to close....yes, it affects approval. however, i have had many people approved with the condition that they pay the judgment and then they didnt get the home because they wouldnt/couldnt pay the judgment.I don't want to be the party pooper but I did just close and have an open judgement for unpaid rent from 2004. It was in a different county but is on all CR's. I was prepared the entire time to pay it but it never came to be required... I was up front about it with my broker and everytime we got more info from Chase they never asked for it to be paid. I was prepared to pay it if needed but they never asked for it....I did go USDA RDL and I don't know if they never looked at my CR's because the scores were all over 620 so they never needed to ask for letters of explanation on anything. I don't know how or why but I was able to close on my house with the judgement.... I'm probably just the exception to the rule.
@DallasLoanGuy wrote:
@MattH wrote:
Hey, Dallas and anybody else who knows, I have a different question about judgments. I was at fault in an auto accident a few years ago, and the case goes to trial in January 2009 unless my insurance company can settle with the other driver (she is asking $50K, they offered $30K, the lawyer picked by the insurance company says he doesn't think she will accept what they consider an very generous offer of $30K so it is likely to proceed). My insurance company says I am fully covered (up to a million dollars and this case will not come close), and because I was accident-free with them for many years preceding and three years following this accident my rate will probably not go up much if at all. My lawyer says not to worry about anything, the plaintiff will have to sign a form acknowledging the judgment has been satisfied in order to get paid, etc., etc.
I still am worried about whether this will affect my FICO scores (825 EX, others 20-40 points lower). Do you have any idea whether it will?they are getting a judgement against you? i dont think so.talk to the lawyer... i think someone is confused on wording. the 'claim' will be satisfied or the 'complaint' will.... but there shouldnt be a judgement.
@DallasLoanGuy wrote:matt, i dont think you are in danger of getting a judgment at all. i would bet on it.judgment is for unpaid. insurance is paying = no judgment
@MattH wrote:
@DallasLoanGuy wrote:matt, i dont think you are in danger of getting a judgment at all. i would bet on it.judgment is for unpaid. insurance is paying = no judgment
Thanks a lot for the explanation, my lawyer just said I had nothing to worry about but he did not explain it as clearly as you have.