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getting judgements deleted from CR

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Anonymous
Not applicable

Re: getting judgements deleted from CR


@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.

Message 11 of 31
timmyc38
Member

Re: getting judgements deleted from CR

should  I try a 'hard money' loan?
Message 12 of 31
Jazzzy
Valued Contributor

Re: getting judgements deleted from CR

Tell me what you mean by hard money loan.

Message 13 of 31
timmyc38
Member

Re: getting judgements deleted from CR

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

Message 14 of 31
Jazzzy
Valued Contributor

Re: getting judgements deleted from CR

How large is this judgment? Is it more than the higher interest you would ultimately pay?
Message 15 of 31
Anonymous
Not applicable

Re: getting judgements deleted from CR


@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.

Message 16 of 31
timmyc38
Member

Re: getting judgements deleted from CR

its like 3500
Message 17 of 31
timmyc38
Member

Re: getting judgements deleted from CR

will they settle for less?
Message 18 of 31
timmyc38
Member

Re: getting judgements deleted from CR

any paying it wont get it removed anyways , correct
Message 19 of 31
timmyc38
Member

Re: getting judgements deleted from CR

my scores have went up almost 100 points since last September, i make enough money , its just tiresome ..
Message 20 of 31
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