Judgments & Title Searches

[ShanetheMortgageMan]

That is a tough one, if you pay it, will it not be reported to the credit bureaus?  Guess that answer isn't known, they have the right to report it to the credit bureaus's but if it's not on there already, I don't really see their incentive to report it at this point.  If that is the case, and in 3 months it'll be past it's SOL and no longer enforceable, therefore no longer outstanding, then I might just wait to see what happens.

[happy0510]

Thanks for the quick response Shane.  You are priceless

Yeah, it fell off my reports in 2007.  It does come up on the court search however. 

So, if the landlord never renews, how is this handled at mortgage time?

[ShanetheMortgageMan]

If the landlord doesn't renew and it's past it's SOL, then you legally don't owe it anymore and you could safely answer "No" to the question about any outstanding judgments.

[Anonymous]

I've done my research; in IL a judgment can be collected on for 20 years however the judgment must be renewed every 7 years in order to collect.  My judgment was entered April 2002 and thus renewal would have had to be done before April 2009.  The judgment was not renewed.  Therefore I don't legally owe it anymore and legally I do not have any outstanding judgments.  Is this a correct assumption?  However, just to be safe, I think I'll go ahead and pay the judgment.  That way I don't have to get caught up in all this legal technical crap, lol.

[ShanetheMortgageMan]

I think that is a safe assumption, before you pay it I'd call the court up to find out if they still can legally collect, if not then I wouldn't pay anything on it IMO.