Old judgement has me terrified....

[Anonymous]

They do a search of all public records under your name. That includes foreclosures, bankruptcies, and judgments.

The thing is they usually do a search within the county you are going to buy, so if it is different than the county where you incurred the judgment it may not show up. The borrower would still have to diclose it on the mortgage app though.

[p-]

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@Anonymous wrote:

They do a search of all public records under your name. That includes foreclosures, bankruptcies, and judgments.

The thing is they usually do a search within the county you are going to buy, so if it is different than the county where you incurred the judgment it may not show up. The borrower would still have to diclose it on the mortgage app though.

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Would have to, or should?

[Anonymous]

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@p- wrote:

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@Anonymous wrote:

They do a search of all public records under your name. That includes foreclosures, bankruptcies, and judgments.

The thing is they usually do a search within the county you are going to buy, so if it is different than the county where you incurred the judgment it may not show up. The borrower would still have to diclose it on the mortgage app though.

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Would have to, or should?

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It's all about character with the "would" or "should" question in my opinion because it specifically ask on the loan form if you have any outstanding judgments.  Saying "no" when you do is technically lying so I see it going back to one's beliefs/character.

From my understanding I don't think the judgment can re-appear on your credit report since the time has elapsed.  Also if it is able to it would not hurt your credit much due to its age.

If I was in the OP's situation (and I actually was with a discover card) I would contact the creditor/collection agency and set up payment arrangements.  I would not get all excited about being a homeowner (and experience the stress of the buying process) to have my dream dashed at the 11th hour due to something I could have handled before hand.

[Anonymous]

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@p- wrote:

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@Anonymous wrote:

They do a search of all public records under your name. That includes foreclosures, bankruptcies, and judgments.

The thing is they usually do a search within the county you are going to buy, so if it is different than the county where you incurred the judgment it may not show up. The borrower would still have to diclose it on the mortgage app though.

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Would have to, or should?

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Would have to. Not doing so is considered mortgage fraud.

[StartingOver10]

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@Anonymous wrote:

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@p- wrote:

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@Anonymous wrote:

They do a search of all public records under your name. That includes foreclosures, bankruptcies, and judgments.

The thing is they usually do a search within the county you are going to buy, so if it is different than the county where you incurred the judgment it may not show up. The borrower would still have to diclose it on the mortgage app though.

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Would have to, or should?

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Would have to. Not doing so is considered mortgage fraud.

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Exactly. Its mortgage fraud. That mortgage app you sign has a section in it for declarations (sec VIII) - check here to see: https://www.efanniemae.com/sf/formsdocs/forms/pdf/sellingtrans/1003rev.pdf

The last thing you want to do is lie to your lender.

[92235]

Is the judgement outstanding if it is past the SOL?

[StartingOver10]

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@92235 wrote:

Is the judgment outstanding if it is past the SOL?

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Which SOL are you talking about? The reporting period allowed on the CR?

The time that a judgment is valid varies from state to state. In general, a judgment is good for 20 yrs. Sometimes its 10 yrs with an ability to be renewed for another 10 years. You have to check your state's statutes to see how long a judgment is valid and what the renewal terms are for the judgment.

The above statement doesn't mean that it reports on your credit for 20 years. In fact, people report all the time they "got rid of the judgment from the credit report". But, just because it is cleared from the CR, it doesn't mean that the judgment is gone. A judgment continues to accrue interest as long as it is unpaid whether it is on your report or not. That is why title companies and attorney's offices check the public records to see if you have outstanding judgments - because in many states the judgment can attach to the property as a lien when you buy and it comes in front of the mortgage. That then becomes a huge problem for the first lender - as well as a problem for you.

[Anonymous]

I had to check this out as I have a judgement from 2002 for $5,000 approx. I searched for Illinois laws on this and found:

"A judgment issued by the Circuit Court of the State of Illinois generally may be enforced for a period of seven (7) years (735 ILCS 5/12-108), and renewed if an action for revival is brought within twenty (20) years after the date of entry.  (735 ILCS 5/13-218)   It may become a lien on the judgment debtor's real property if it is filed with the recorder of deeds in the county in which land is located.  (735 ILCS  5/12-101)   Such lien stays with the property for seven (7) years from the date of the Judgment, and may be extended for an additional seven (7) years by revival of judgment and filing of the revival order with the recorder of deeds.  (735 ILCS 5/12-101 to 12-104)"

[StartingOver10]

Yep...that's why they want the judgement paid before closing.

[92235]

Here is what I found for Utah:

Statute of Limitations for Renewing a Judgment

The statute of limitations for renewing a judgment is 8 years from the date of the judgment. Utah Code Section 78B-2-311. If the debtor acknowledges the judgment in writing or promises to pay the judgment in writing or makes a payment on the judgment, the statute of limitations is 8 years from the date of the last of those to occur. Utah Code Section 78B-2-113. The judgment creditor can renew the judgment, but must do so before the statute of limitations expires. If the statute of limitations expires after the Motion to Renew Judgment is filed but before the motion is ruled on, the renewed judgment is effective on the old judgment's expiration date even if the renewed judgment is not signed until later.

My judgement was from 07/2002. It fell off of my report after 7 years. I don't know if it has been renewed or not. I don't know if I want to check the public records or not to see if has been renewed.