what if you have ajudgement on your record. How does that effect a person trying to buy ahouse and how do you get it removed from your credit?

Asked by Jackson, McKinney, TX Tue Oct 4, 2011

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Melissa Hail…, Agent, Plano, TX
Tue Oct 4, 2011
In addition to getting the judgement cleared up, you may also want to work with your mortgage professional to make some other changes that could help you get a better rate on your mortgage. For example, it may help you get a better rate if a credit card is paid down or paid off. Talk with your mortgage professional, and get the facts as to how it pertains directly to your situation. Everyone's credit report is different, and things can/should be done on an individual basis.

Good luck with the house shopping!
Melissa Hailey
Coldwell Banker Jane Henry Realtors
North Texas Top Team, Realtors
1 vote
, ,
Tue Oct 4, 2011
The judgment will have to be paid.
Even if you get it removed, there is a section on the loan application that asks if you have any outstanding judgments against you. You must answer yes. Answering no would be mortgage fraud.
The lender will likely find out anyway.

If the judgment is already paid, then it will affect your scores a little bit.... and is only a small part of the underwriting decision. I have approved MANY loans with paid judgments.
You can also get pre-approved and pay the judgment at closing if you wish.

Please feel free to ask follow up questions.

Tom Burris
Mortgage Banker
(214) 763-4629 cell/text/nights/weekends(Really!!)
Lending all across the entire Great State of Texas!!
1 vote
Jstack2707, Home Buyer, ,
Tue Sep 18, 2012
How do I research a past eviction of someone
0 votes
T.E. & Naima…, Agent, Dallas, TX
Wed Oct 5, 2011
Judgments are public records. Public records don't get removed unless they are erroneous.
However, a judgment can be paid off and the lien released. That is the most judicious action to take. Sometimes the lienholder will take less than the full judgment amount, but don't count on that.

Lenders don't like judgment liens, whether on a person or on a property. As a borrower, a lien against a person will cause the lender to ask the borrower to remove the likelihood of having to pay the lien off during the term of the loan - basically by paying it off now. Small liens may not cause a problem, unless they're against a property. Lenders won't lend when a lien is outstanding on a property, because the lienholder might foreclose. Lenders insist on getting the title clear first before placing their mortgage lien, thus making it the first lien.

Talk to your lender about the things you're worried about to see what is best to do.
Web Reference:  http://www.SumnerRealty.com
0 votes
Bruce Lynn, Agent, Coppell, TX
Wed Oct 5, 2011
You'll need to get a copy of the judgement.
Could it be from a past eviction.
Then you'll need to go to the court to pay it off and be sure to get receipt of payment.
Perhaps you can also negotiate the judgement with the person who filed it.
But be sure to pay it through the court if possible.
0 votes
Annette Levi…, , New York, NY
Wed Oct 5, 2011
Jackson, if you have an unpaid judgment then you cannot get a mortgage because the judgment would be the first lien on the house. The lender wants to have the first lien.
When you pay off the judgment, you will get a satisfaction that must be filed in the same court as the judgment was filed. If not the judgment will show up on the title report and your mortgage won't close.
You also need to have a written explanation of why you had a judgment and why it will never happen again for the underwriter. By having a judgment you have shown an unwillingness to pay your bills. You must let the underwriter know that this was a special circumstance.
0 votes
Dallas Texas, Agent, Dallas, TN
Tue Oct 4, 2011
If you have a judgement lender WON'T approve the loan. Clear those issues, by settling with the person who sued you and the courts will then remove from reports

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes
Don Groff, Agent, Austin, TX
Tue Oct 4, 2011

Both the answers below are correct. You will need and want to address the judgement before moving forward with any purchase. Once it is taken care the decision will be based on your entire credit profile. I would speak with a lender so you can find out your whole picture and see where you stand. The judgement is only one aspect of your credit.

Best of luck to you.

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o.512.669.5599 m.512.633.4157
0 votes
Scott Godzyk, Agent, Manchester, NH
Tue Oct 4, 2011
Jackson if you have a judgement, it has to be paid or an agreement reached with teh party who filed for teh judgement. It could hurt your chances, you should meet with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know if there are any mortgages that you may quailify for.


Please see my blog with tips and advice on getting a mortgage
Web Reference:  http://www.ScottSellsNH.com
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