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@timmyc38 wrote:Hi everyone, first time poster. Been improving my credit tremendously by disputing items on my credit report. I have one judgement showing on my experian report. This is preventing me from getting a home loan. Anyone have luck getting these deleted? I would think it would be difficult for a bureau to verify these, since the only way is by mailing the courthouse?
thanks everyone ,
It is not difficult to verify the existence of a judgment so it will likely come back as verified by Experian. Then there is the issue of disputing a perfectly valid item.
If you were not served properly, you may be able to go back to the court and have the judgment vacated. Also, sometimes a lender will approve your mortgage application if you pay off the mortgage.
Other than that, unfortunately, you took a gamble on not appearing ... and lost.
Tell me what you mean by hard money loan.
Hard money loans are more expensive than traditional loans because they are not based upon traditional credit guidelines which protect investors and banks from high default rates. As hard money lenders may not require the income verification that typical lenders require, they experience higher default rates (and, thus, charge a higher rate of interest). Individuals and companies may opt to take a hard money loan when they cannot obtain typical mortgage financing because they do not have acceptable credit or other documentation typically required by a conforming loan.
time is of the essence, so im trying anything possible , FHA loans require a 620 MIN, but it doesnt matter with a judgement
@timmyc38 wrote:Hard money loans are more expensive than traditional loans because they are not based upon traditional credit guidelines which protect investors and banks from high default rates. As hard money lenders may not require the income verification that typical lenders require, they experience higher default rates (and, thus, charge a higher rate of interest). Individuals and companies may opt to take a hard money loan when they cannot obtain typical mortgage financing because they do not have acceptable credit or other documentation typically required by a conforming loan.
time is of the essence, so im trying anything possible , FHA loans require a 620 MIN, but it doesnt matter with a judgement
So a hard-money loan has a higher interest rate, right?
It would seem to be to your advantage legally and financially to just pay the judgment. Besides, a lender would be stupid to lend anybody money to buy a property knowing there is a judgment that could easily be turned into a lien against that property.