Mortgage

[tanyagarrett]

Hi All,

I am hoping someone can answer a few questions for me.  The first thing I would like to say is that My Fico scores are EQ 718 TU 738 and EX 723.  I would like to start the process of purchasing a home on January 2014.  The thing is I still have a Judgement on my credit report but it is paid and says satisfied.  I have one credit card and pay's the bill off on time every month.  Before I start the process I would like to know if I should have a LO pull my credit report to let me know what would else needs to be done to get approved before I'm actually ready to purchase.  I just don't want to start the process and get denied.  I have been working on the same job for the last 5 years.  I will also have at least 20,000.00 dollars saved for the Down Payment.  I will be going with FHA.  Also, I have disputed items off my report with success.  The question is would the LO see all the things that fell off my report.

I would appreciate any and all answers to my question.  Thanks to all.

[Boldilocks]

No, once it's off your report, it's off.  There are things that can come back, or new things that pop up - but the LO will see the same report as you, I'm pretty sure, which is why you need to be vigilant and keep an eye on your reports.

How old is the judgement?  We had one from 2007 drop off in 2012 because in NY paid collections and judgements stay on your report for 5 years ratgher than 7.  I think you could attempt to have it vacated, but it's an involved process and you would need to research that youself.  The good nws is that by Jan 2014 you will have added another 6 months of distance between the judgement and yourself, and the older it gets, the less imapct it will have on you.

[tanyagarrett]

Thank You......The Judgement File Date is Jan 2010....It is only on my EQ and EX Reports.  The one on the TU has since fell off.  Since I Opted Out can things still come back on my report?

[Genkeim]

My GF had a paid judgement on her report. Just needed to write a LoE and provide documentation that it was paid. In her case she just needed to confirm with the courthouse that it had been filed as paid properly.

[rckstrscott]

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@tanyagarrett wrote:

Thank You......The Judgement File Date is Jan 2010....It is only on my EQ and EX Reports.  The one on the TU has since fell off.  Since I Opted Out can things still come back on my report?

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Opting out is a myth anyway; I had zombie debt come after I opted out -- if there is an account on you, the CRAs sell services that let them 'sniff' your file for new inqs that can indicate a mortgage. Trust me.. Opting out might stop the bottom of the barrel, but it isn't going to stop legitimate debt from appearing. Been there, done that. Opting out isn't a bad practice to do before mortgage approval, but don't think it stops everything.

I got my mortgage with a paid judgement. As long as it is paid, no issues if it is older than 2 years.

Things cannot just 'come back' on the report without cause. If something was removed due to the result of a dispute, the CRA has to notify you within 5 days that they are reinserting informaiton, and whoever is inserting information as to provide additional paperwork to the CRA for re-insertion.

-scott

[tanyagarrett]

Thank You All.....

[StartingOver10]

To add to the above, the judgment is a public record. It doesn't matter if its on your credit report or not. Both the lender and the title company will check public records to see if you have any judgements.

Better to take care of it now, even if you have to make payments because you won't be able to close with an outstanding judgment.