Posted on: 13th Aug, 2011 01:40 pm
We have been approved for our mortgage. There are no judgements on our credit reports, but the title search turned up an old judgement on my husband from 18 years ago. It was brought by the grandmother of his old girlfriend who cosigned a car loan for him when he was younger. He paid her cash installments. He was completely unaware of the judgement until now. The address on the judgement was an old address of his that he had moved from two years earlier. She has either moved or passed away-we're not sure. We think the NJ statute of limitations on judgements is 14 years. Will this keep us from closing on our house....it is a week away?
Thanks
Thanks
Hi Guest!
Welcome to forums!
Your query has been replied to in th given page:
http://www.mortgagefit.com/predeal/about52773.html#217487
Take a look at it. I hope it will help you.
Sussane
Welcome to forums!
Your query has been replied to in th given page:
http://www.mortgagefit.com/predeal/about52773.html#217487
Take a look at it. I hope it will help you.
Sussane
From what country are you from? You need to get a legal advice from a real estate attorney in your country since they are more knowledgeable in terms of your country's law towards loans. They will help you to evaluate and have a good analysis with your situation and come up with the best solution for you.
If you are purchasing in New Jersey, you have an attorney or a title representing you.
Ask them.
The Lender will probabaly have a problem with an open judgment on title. The Lender does not decide if the judgement is past any statute of limitations and whether it is still owed or not. The Lender just looks at title and says to pay that or get it removed.
The title company could insure over it or remove it as an open item.
You must ask your attorney/title company what the title company will do with the open judgement.
What the title company decides will determine if the Lenedr will close or not.
T
Ask them.
The Lender will probabaly have a problem with an open judgment on title. The Lender does not decide if the judgement is past any statute of limitations and whether it is still owed or not. The Lender just looks at title and says to pay that or get it removed.
The title company could insure over it or remove it as an open item.
You must ask your attorney/title company what the title company will do with the open judgement.
What the title company decides will determine if the Lenedr will close or not.
T
