Satisfied Judgements and Mortgage application

[terrymac]

Hi am hoping someone can answer this question. 

Saw a house that I am really interested in and have spoken with a LO. Thanks to the rebuilding forum, have cleaned up my credit and it has improved drastically. My scores now are: TU 656 and EQ 678. I am so ready to buy a home and hope I can. I have the three revolving tradelines and my last late payment was over two years ago. The problem I have is this. On my credit report, I have a judgement from 2008 that is schedule to fall off in 2015. The judgement has been paid and satisfied. I have a notorized copy from the county court stating the judgement has been satisfied. My question is this: Can or will this prevent me from obtaining a mortgage? I am looking to do FHA financing or maybe conventional if my scores are good enough and I only put down 5%. What do you guys think?

Thanks for any feedback!

[DallasLoanGuy]

It is a part of your credit profile.... so it has an impact.

but the documentation will be just fine.

i have never had a paid/satisfied kill one of my deals.

[terrymac]

Thanks Dallas,

Your reply has given me a lot of hope.

[webhopper]

I have a judgement that was filed in 07 paid in 09. I get to close on my house tomorrow!

[Booner72]

Judgment filed 2/2010, closed 8/2011.

Do-able!

I actually got the judgment vacated in June 2011 by writing a gw letter to the judge and filling a "motion to vacate".  I didn't hear back so I didn't know it got vacated.  Boy, I wish I had known as it would have been one less thing to worry about as I went through underwriting.  So go ahead and give it a try!  Can't hurt.  If you search my post "I got my judgment vacated" you can get all the details on what/how I did it.  Good Luck!!

[terrymac]

Thanks Booner and Webhopper!

I put on offer on the house and hear from my LO tomorrow. Right now, hoping for a good rate and as little money out of pocket as possible. Am suppose to close Feb 24. It sounds so close. I really hope everything goes well. 

Thanks again for answering!

[liyfe1]

you should not have a problem...i didnt...i had a judgement. Wells fargo just asked me to provide proof that it was satisfied.

[mamahearts]

Same here... my LO said that they don't worry about judgments that are paid.  We closed on 10/31/11.  Good luck!!!