Posted on: 08th May, 2007 04:21 pm
There is a unpaid judgment which is going to come off my report by feb 08 and I plan to apply for a loan, would I need to mention it on the mortgage application? and would it be better if I pay it off?
Hi Zabel,
"There is a unpaid judgment which is going to come off my report by feb 08 and I plan to apply for a loan, would I need to mention it on the mortgage application?"
Yes
On loan application, in the declarations section you will have to specify if there are any outstanding judgments against you.
It will be better to pay it off, and it will then appear as paid judgment on your cr which would be better than an outstanding judgment.
"There is a unpaid judgment which is going to come off my report by feb 08 and I plan to apply for a loan, would I need to mention it on the mortgage application?"
Yes
On loan application, in the declarations section you will have to specify if there are any outstanding judgments against you.
It will be better to pay it off, and it will then appear as paid judgment on your cr which would be better than an outstanding judgment.
Zabel,
Before approving your loan, the lender may require you to pay it off.
I would say you contact the judgment creditor and try to negotiate to get the judgment dismissed in exchange for an amount. It will be much better than having a paid judgment on your credit report. If both of you agree than creditor will complete the legal documentation to dismiss the judgment and file it with the court.
David
Before approving your loan, the lender may require you to pay it off.
I would say you contact the judgment creditor and try to negotiate to get the judgment dismissed in exchange for an amount. It will be much better than having a paid judgment on your credit report. If both of you agree than creditor will complete the legal documentation to dismiss the judgment and file it with the court.
David
Yes Zabel, you can mention it in your loan application. No problems if you mention the judgment. Instead, if you don't and the lender comes to know of it later on, problems may arise.
You may pay off the unpaid debt and request your creditors to take the judgment off your credit report. That will always be a good move on your part. But if he doesn't agree, well then there's no way other than paying it off by feb 08 and getting it removed from the report.
Good luck
You may pay off the unpaid debt and request your creditors to take the judgment off your credit report. That will always be a good move on your part. But if he doesn't agree, well then there's no way other than paying it off by feb 08 and getting it removed from the report.
Good luck