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When registered on this forum my scores were 415 and 2 in the 430s. Today, thanks to the advice and encoragement I found here, I am sitting with a 629/661/678. Thank you all so much and to those just begining, there is hope!
It looks like I will be buying my first home this summer and the mortgage brooker says that everything look good with the exception of a judgement that isn't showing paid. I was garnished over this two years ago and it is satisfied but the credit report does not reflect this. Anyone have any advice as to what I should (or shouldn't) say in the letter I am about to send them?
Thanks!
Deletion from your CR is not dependent upon payment of the judgement. Paid or unpaid, it remains for 7 years from the date of entry of the judgment. FCRA 605(a)(2). So you wont get CR deletion by paying it. But your credit score does not control mortgage lending decisions.
What your mortgage broker is probably concerned about, above all else, is that upon extending you a loan, that you dont have other unpaid debt that might affect any future claims they might have to make, in contention with claims of other credtiors, should you default on the loan they are offering. They dont want to be at back of the bus.
I would think that providing the mortgage broker with proof of full discharge of the debt would remove this as a serious concern on their part. Do you have a letter from the creditor who obtained the judgment, confirming its payment? If not, get that. and send it to your loan officer.
It is the letter that I am missing. Should I write or call to request one?
Thanks.
A call is qicker, but you may want your request in writing.
Regardless, simply get the creditor who secured the judgment to send you a letter stating that the debt has been paid in full, and that the terms of the judgment have been satisfied.
@sudofdisk wrote:When registered on this forum my scores were 415 and 2 in the 430s. Today, thanks to the advice and encoragement I found here, I am sitting with a 629/661/678. Thank you all so much and to those just begining, there is hope!
It looks like I will be buying my first home this summer and the mortgage brooker says that everything look good with the exception of a judgement that isn't showing paid. I was garnished over this two years ago and it is satisfied but the credit report does not reflect this. Anyone have any advice as to what I should (or shouldn't) say in the letter I am about to send them?
Thanks!
It virtually every jurisdiction a judgment creditor is obligated by law to file a satisfaction of judgment with the court clerk. Generally they have two weeks to do so and the two-week period is triggered by a written demand (by you). Failure to properly satisfy a judgment can be actionable.
Send the judgment creditor a letter and demand they file a satisfaction of judgment with the court clerk's office within 10 business days. Also demand they send you a notarized copy. CMRRR, of course.
BINGO!
Thank you! Sending it CMRRR tomorrow
Wish me luck, home ownership just might be a reality this summer!