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My mortage has been approved and clear to close on this Friday. We just received a notice from our attorney that open judgements were found during a title search. We have already paid outstanding judgements and have had them vacated from the courts and removed from our credit report. Why is the title company askiing us to comlpete a judgement affidavit form 3689? If the lender is fine and approved our loan to clear to close can the titlte company halt our close in two days?
@Anonymous wrote:
Yes, it could hold it up. If that is a condition of the title commitment then the lender will not close the loan until it is satisfied. I'm assuming that is how your lawyer found out when the title company sent the title commitment. Regards, Calvink
^^^Yes, this poster is right.
Lenders don't want to lend to you if you have an outstanding judgement. There are rare exceptions, but for the most part it is a condition of the loan to have judgments satisfied prior to closing. It is normal for the lender to have the title co check the buyers' information through public records during any real estate purchase. Taking the judgment off the CR or waiting for it to fall off doesn't change the process of lenders checking buyers public records before closing. And yes, it can derail your closing.