my husband and i are in the process of closing on our first home. he has excellent credit (800s) and mine isn't so great (690s). since we live in a community property state and since we're doing a conventional 30-year fixed loan with 20% down, we decided to put the loan only in his name to get a better rate. it's not an fha loan, so the underwriter won't even be pulling my credit or looking at my income (but, i will be on the title).
this is where it gets a little tricky... i was evicted from an apartment (long story) before we were married. there was a judgment against me that we paid off in full earlier this summer. the creditor agreed to send me a signed and notarized satisfaction of judgment form, but i never received it. i recently sent written notice asking them to send it to me within 10 days. i haven't heard back yet (but then again, it hasn't quite been 10 days since i sent the letter).
so here's my question: do i need to make sure i have this form at closing? will i need to prove to our lender that my debt is clear, since i'll be on the title? we close in about two weeks.
Has the lender asked you anything about it? I think to cover your bases you should keep working to get that paperwork in your hands just in case.
the lender hasn't us asked about it... i'm assuming they don't even know...
our mortgage guy knows the situation, but never mentioned that we need to produce paperwork proving the debt is paid.
i'll have to keep doing what i can to get my hands on the satisfaction of judgment, but i guess i'm not sure what to do if they still don't send it to me. i have a written agreement from the creditor, my cashier's check stub and their proof of reciept slip so i guess i could get a lawyer if need be. but i'd really like to avoid that.