Posted on: 09th Mar, 2012 02:48 am
Hi there. I have two judgments that have fallen off my credit report. However, they may come up during some point of my mortgage approval process. So, I’ll have to clear them now. At what point in the approval process does the lender do the detailed search that would turn these up? Asking because I'd like to go through the pre-qualification process as I work to get those judgments satisfied.
At the time of pre-approval, the lender will check your income and credit in details. However, if the judgments have fallen off the credit report, then the lender will not take those into account while approving you for the loan.
Why did they fall off credit report?
Because they were over 7 or 10 years old?
Besides the credit report, judgments appear in the title search.
The title search is done after you apply for a mortgage and the closing agent does the title search.
If they are not on the credit repport and they are old, and you plan on clearing them anyway, get prequalified and pay/clear them "if" they show up in the title search.
Other than that, you obviously know they existed, pay them now if you want to do so. I would not pay now. I would wait to see if they show up in the title search.
Because they were over 7 or 10 years old?
Besides the credit report, judgments appear in the title search.
The title search is done after you apply for a mortgage and the closing agent does the title search.
If they are not on the credit repport and they are old, and you plan on clearing them anyway, get prequalified and pay/clear them "if" they show up in the title search.
Other than that, you obviously know they existed, pay them now if you want to do so. I would not pay now. I would wait to see if they show up in the title search.
