Old judgement has me terrified....

[ShanetheMortgageMan]

What a lot of posters are finding out is the correct information, that it doesn't go by what is reported on credit or the statute of limitations in regards to reporting to credit, it goes by the statute of limitation in the state whose laws cover it.  It may be painful to check public records, but better to find out sooner in the process than wait for it to cause issues later.

[ewtrw]

WOW...now im really scared...LOL>>>>  thanks for all the info yall, guess ill just be patient and take care of this judgement first....thanks again

[92235]

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@ShanetheMortgageMan wrote:

What a lot of posters are finding out is the correct information, that it doesn't go by what is reported on credit or the statute of limitations in regards to reporting to credit, it goes by the statute of limitation in the state whose laws cover it.  It may be painful to check public records, but better to find out sooner in the process than wait for it to cause issues later.

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Do you know what the process is to check the public records? If I check the records does that mean that I "have acknowledged the judgement"?

[ShanetheMortgageMan]

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@92235 wrote:

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@ShanetheMortgageMan wrote:

What a lot of posters are finding out is the correct information, that it doesn't go by what is reported on credit or the statute of limitations in regards to reporting to credit, it goes by the statute of limitation in the state whose laws cover it.  It may be painful to check public records, but better to find out sooner in the process than wait for it to cause issues later.

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Do you know what the process is to check the public records? If I check the records does that mean that I "have acknowledged the judgement"?

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I am not sure the exact steps that a title company takes to check public records, I am sure they have a streamlined system that checks all possible jurisdictions that would be able to place a judgment against the title of the property - state, county, city.  We require our clients (and also the sellers) to be checked for judgments as part of our title policies.

I don't quite get your second question regarding "acknowledged the judgment", as it doesn't sound mortgage related.

[ewtrw]

Is there a reasonably priced place where i can get this search done on my own before even applying for a mortgage, just to be sure of what will turn up?

[StartingOver10]

Many of the counties have the ability for you to search your own public records online.

Here in S Fl you go to the Clerk of Courts office and search under your name.

It might be similar in your county/state. It is free and easy.

[Anonymous]

I work for a title company. It's a pretty straight forward process. We look at each state's statute of limitations. In some states we can clear a judgment that is over 7 years old, which is done quite frequently. In other states a home buyer has to wait 20 years before a judgment can be waived. I've never seen a judgment get renewed, I'm sure it happens, I've just never seen it. Therefore, I would check your state's statute of limitations. 

Title companies do a comprehensive report, not a credit report. We can go back several decades to find information such as judgments. There could be an instance where someone has very good credit, but has a judgment against them from 17 years ago that has to be paid off before closing. I've seen it happen.

Check out your state statute of limitations. Don't be scared off by the threat of a judgment renewal. 

[Mike_B03]

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@Anonymous wrote:

Title companies do a comprehensive report, not a credit report. We can go back several decades to find information such as judgments. There could be an instance where someone has very good credit, but has a judgment against them from 17 years ago that has to be paid off before closing. I've seen it happen.

Check out your state statute of limitations. Don't be scared off by the threat of a judgment renewal. 

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Do title companies always require judgments to be paid off, or is that a requirement of the lender? 

I have a judgment that I'm making payments on, it wasn't a problem with the lender/underwriter but could it be a problem with the title company when it comes to closing?

[JM-AM]

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@Mike_B03 wrote:

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@Anonymous wrote:

Title companies do a comprehensive report, not a credit report. We can go back several decades to find information such as judgments. There could be an instance where someone has very good credit, but has a judgment against them from 17 years ago that has to be paid off before closing. I've seen it happen.

Check out your state statute of limitations. Don't be scared off by the threat of a judgment renewal. 

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Do title companies always require judgments to be paid off, or is that a requirement of the lender? 

I have a judgment that I'm making payments on, it wasn't a problem with the lender/underwriter but could it be a problem with the title company when it comes to closing?

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Title companies do not decide what gets paid and doesnt get paid.

The Title Company reports its findings and the Lender makes the decision from what the Title Company reports.

[HoldingOntoHope]

I'm in CA and just went through a refinance on my mortgage. As part of the process the Title company came back and reported an open judgment on my records from 2004. (In CA they are good for 10 years and can be renewed for 10 more). This judgment was in fact paid prior to securing the original mortgage in 2011 but the satisfaction document was not filed by the judgment law firm. (They went bankrupt prior).

The title company refused to issue a policy until it was cleared. I managed to point them to the public access website for the courts where it clearly showed in the case file that it was satisfied. I don't know if they took that as evidence or actually went to the county courthouse. But in any event it was not the lender that controlled and halted the process but rather the title company refusing to issue the title insurance policy that slowed the process. Took an extra 2 weeks to clear it all up.