Posted on: 11th Jan, 2010 06:59 pm
me and my wife's combined income is about $75K/yr, my fico score is 685 right now, have two car payments ($430 and $480/mo) and 4 credit cards with low balance. I pay all my bills on time consistently, we're trying to get a mortgage loan and buy a house for the first time. But there's one problem, I found a $15K default judgment in my credit report dated back in 2006, it was from COLONIAL CREDIT CORP. I didn't know anything about it till this weekend when i pull a detail 3-in-1 credit report, and this public record is showing only under Equifax, but NOT in the Transunion or Experian reports. My Fico score have been between 680~710 in the past 5yrs and never had problem to get any car loan, so I was not aware of there were a judgement against me till now. I was never being served, and the judgment was being filed in different county here in Virginia as well, is it still possible for me to get a mortgage loan??
From the brief research I did...I had already passed the 1yr window (from 06~07) to vacate or set aside the judgment, so I'm pretty much SOL right now unless I pay the $15K otherwise there is no way for me to get a mortgage loan ain't it?
From the brief research I did...I had already passed the 1yr window (from 06~07) to vacate or set aside the judgment, so I'm pretty much SOL right now unless I pay the $15K otherwise there is no way for me to get a mortgage loan ain't it?
Hi Lewis, I am sorry to hear about the problem.
With regards to mortgage loans, have you considered FHA loans?
They don't look at credit scores.
My husband and I are going with FHA because he doesn't have a non-existent credit history, and we want both of us to be on the loan.
Hope you find a way to solve the credit problem. Perhaps you'll find a solution to a similar problem on the Internet (i.e. a way to fix the 15k debt)?
Best of luck!
Sugu Girl.
With regards to mortgage loans, have you considered FHA loans?
They don't look at credit scores.
My husband and I are going with FHA because he doesn't have a non-existent credit history, and we want both of us to be on the loan.
Hope you find a way to solve the credit problem. Perhaps you'll find a solution to a similar problem on the Internet (i.e. a way to fix the 15k debt)?
Best of luck!
Sugu Girl.
Hi Lewis!
Welcome to forums!
Your query has been answered in the given page:
http://www.mortgagefit.com/fha/taxliens-judgments-3.html#143763
Please take a look at it. I hope it'll help you.
Sussane
Welcome to forums!
Your query has been answered in the given page:
http://www.mortgagefit.com/fha/taxliens-judgments-3.html#143763
Please take a look at it. I hope it'll help you.
Sussane
suquleasa, you should not provide information like "FHA does not look at credit scores". They most ceratinly do look at credit scores, and, they also look at judgments on the credit report and/or on title even if not on the credit report.
Mortgages provide a procedure for alternative credit history if one has no credit history and no credit score, but, if one has a credit score, they use it.
Additionally, in this case the credit score is not the problem/concern---the judgement is the concern. The credit score of 685 is fine for an FHA mortgage.
Lewis, if the COLONIAL judgment is yours, you will have to pay it off before getting the mortgage---at least before closing. You could enter into a repayment plan, but, would take 12 months of payments before the mortgage could occur---they require evidence of 12 months on time payments in lieu of paying it off.
Mortgages provide a procedure for alternative credit history if one has no credit history and no credit score, but, if one has a credit score, they use it.
Additionally, in this case the credit score is not the problem/concern---the judgement is the concern. The credit score of 685 is fine for an FHA mortgage.
Lewis, if the COLONIAL judgment is yours, you will have to pay it off before getting the mortgage---at least before closing. You could enter into a repayment plan, but, would take 12 months of payments before the mortgage could occur---they require evidence of 12 months on time payments in lieu of paying it off.
and the other thing, suquleasa, that you ought not to have done in your post is to give anyone the impression that the internet is the solution to everyone's problems. yes, there's lots of information out here, but i don't think there are too many 15 thousand dollar solutions.
