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getting judgements deleted from CR

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timmyc38
Member

Re: getting judgements deleted from CR

and whats the best course of action? call the lawyer or the Company listed on the judgement
Message 21 of 31
Jazzzy
Valued Contributor

Re: getting judgements deleted from CR


@timmyc38 wrote:
any paying it wont get it removed anyways , correct

 

The judgment won't get removed from your reports, but it will be marked as paid...and it sounds like that's what the lender wants done.

 

They may settle for less. Who do you owe this to?

Message 22 of 31
timmyc38
Member

Re: getting judgements deleted from CR

another point, I called this lawyer to arrange a payment plan, when i first got it. 2 years ago.. He never returned my call
Message 23 of 31
timmyc38
Member

Re: getting judgements deleted from CR

will marked as paid raise my score at all?
Message 24 of 31
Jazzzy
Valued Contributor

Re: getting judgements deleted from CR


@timmyc38 wrote:
will marked as paid raise my score at all?

 

I don't think it will raise your scores....but didn't you say that the lender is telling you this has to be paid?

 

Were your scores OK for the loan?

Message 25 of 31
Anonymous
Not applicable

Re: getting judgements deleted from CR


@timmyc38 wrote:
and whats the best course of action? call the lawyer or the Company listed on the judgement

 

You have a number of options.

 

One would be to get a nonconforming loan for the property you want.  I'm not sure any lender would accept, though, especially if the property is to be used as collateral.  If the property is supposed to be collateral, any outstanding judgment has the potential to come back and bite the lender in the butt.

 

Another would be to pay the judgment.  You could try to negotiate a settlement.  However, whether you pay the full amount or or they agree to a settlement it will generally not remove the judgment from your credit file unless the judgment was issued by a housing court in select jurisdictions.  Unfortunately a judgment on your credit report that is satisfied generally carries the same negative effect as one that is not satisfied for scoring purposes.

 

Depending on your score, you may still qualify for a conforming mortgage with the judgment reporting and as long as it is marked as satisfied the underwriter could remove the underwriting restriction.

 

By paying the judgment, you may be able to have it vacated.  Although paying a judgment is generally not legally sufficient to have a judgment vacated, some judges / courts will allow it.  It helps to have the judgment creditors explicit approval or at least an assurance that they will not object.  If you meet up with a decent judge, this could have the judgment removed from your credit report.

 

 

 

Message 26 of 31
Anonymous
Not applicable

Re: getting judgements deleted from CR


@timmyc38 wrote:
and whats the best course of action? call the lawyer or the Company listed on the judgement

 

I'd try both.  However, since you indicated the lawyer doesn't return your calls, probably the company is the best option.  Besides, they might be easier to negotiate with.
Message 27 of 31
timmyc38
Member

Re: getting judgements deleted from CR

no legal recourse i suppose that this was back in 2002 and out of the SOL (4 years here in FL)  cause i didnt show up in court
Message 28 of 31
timmyc38
Member

Re: getting judgements deleted from CR

im not looking for a large loan either, just like 70k but i may get this condo thrugh a short sell for a lot less....
Message 29 of 31
Anonymous
Not applicable

Re: getting judgements deleted from CR


timmyc38 wrote:
no legal recourse i suppose that this was back in 2002 and out of the SOL (4 years here in FL)  cause i didnt show up in court


If you weren't served properly, you could file a Motion to Vacate.  Heck, even if the judgment were relatively recent you could go back and ask them to reopen the suit because of the weather conditions on the scheduled court date.  Now, however, you may just be SOL.

 

You might also research Florida's civil procedure law for the mechanics of time barred suits.  Some states place sanctions on a creditor for even bringing an action that is past the SOL.  Off the top of my head I do not recall Florida as being one of those states, but I could be wrong.

 

Frankly, I would never purchase a property knowing that there was a judgment against me.  If I were the judgment creditor's attorney, as soon as you purchased any property I'd slap a lien on it faster than you could blink an eye.  At that point, I'd be in the driver's seat and would settle for nothing less than the full amount of the judgment, accumulated interest and legal fees. 

Message 30 of 31
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