cancel
Showing results for 
Search instead for 
Did you mean: 

Judgement and new home loan?

tag
Anonymous
Not applicable

Judgement and new home loan?

I My husband and I have worked very hard on cleaning up our credit in order to buy. We are able to buy right now, just no down payment. We have been locked in a lease since 2011 (ends this august--long story but basically the home is a health hazard for us and my kids) and being the worrier that I am, I am wondering what our chances are if he gets awarded a judgement for leaving the lease 8 months before the lease is up? We are currently moving into a new home that the homeowner is letting us rent until we can save for the down payment. I don't know much about judgements or how long the court stuff would take if he sues us, and I know we do have a chance at fighting it, but I am still worried. What would the lenders do if we do get a judgement on us? I know it's a LOT harder to buy now as it is.

Message 1 of 3
2 REPLIES 2
frugalQ
Valued Contributor

Re: Judgement and new home loan?

Have you reviewed your lease to see if there's an early termination clause? In some cases you can opt out with like a 60-day notice and only lose your deposit and pay mktg fees.
AmEx Green NPSL | Amex BCP 16K | Citi Simplicity 10k | Discover IT 9K | Chase Slate 7.5K | Amex Hilton HHonors Surpass 7K | Capital One QuickSilver 6K | Home Depot 5k | Chase Freedom 4.5K | LOC 2.5K
Message 2 of 3
DallasLoanGuy
Super Contributor

Re: Judgement and new home loan?

judgment would have to be satisfied to buy

 

best course of action is to legally get out of lease.  if it is a health/safety hazard then the law in on your side

 

Retired Lender
Message 3 of 3
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.