Judgment from foreclosure

[Anonymous]

Wondering if anyone has any experience with this.  We lost our home to foreclosure in 2012, and the bank obtained a judgment for the full amount of the loan (258k).  The home subsequently sold for 170k. We would like to apply for a mortgage next year.  Our credit is okay other than this.

The judgment is set to expire in about a year if it is not renewed by the creditor.  If it expires, I don't think I will have anything to worry about.  However, if the creditor does renew the judgment, I am left with two options that I know of to get rid of it - negotiate a settlement with the bank and make at least three payments on that settlement; or file BK.  Has anyone successfully negotiated a judgment of this size in order to get approved for a mortgage?  Has anyone had a judgemnt like this NOT get renewed by the creditor?  FYI - the judgment is in Nevada.  Thank you.

[Anonymous]

I know most places will renew, especially if they went after you in the first place. I've also read that they will not negotiage if they know you are looking for a mortgage. 

And, sadly, judgments are the hardest things to rid yourself of--most do not simply drop off. I have an identical problem from 2012. I was going to wait the clock out, but, it seems I have to do something about it rather soon. I'm going for the monthly installment, but after a certain amount, even FHA will require you to satisfy the whole thing. Entering into an installment plan and walking away could result in even more problems/liens, etc.