Posted on: 15th May, 2009 03:31 pm
Can you still get a mortgage if you have the amount to pay for judgements against you at settlement
Hi adams,
Do you mean you want to get a mortgage to pay off the judgments against you? Well, it will not be easy to get a loan when you have judgments against you because those judgments will show up on your credit reports and will affect your chances of qualilfying for a new loan. However, where exactly is your credit standing at present?
Do you mean you want to get a mortgage to pay off the judgments against you? Well, it will not be easy to get a loan when you have judgments against you because those judgments will show up on your credit reports and will affect your chances of qualilfying for a new loan. However, where exactly is your credit standing at present?
i think its not possible as your status of credit reflects on your reports of credit
adams_nicole, in applying for a new loan, any judgments are going to have to be satisfied for you to receive approval. it is possible that a lender will allow you to settle them at closing, though i'm sure most would prefer that you provide evidence of payment prior to closing.
if you have the wherewithal and the intent to pay any judgments, i don't think it would impair your ability to receive an approval for a mortgage.
if you have the wherewithal and the intent to pay any judgments, i don't think it would impair your ability to receive an approval for a mortgage.
My credit is at a good rating now, but I have three judgements fro 7 -8 years ago on my crdit. I do intend to pay them , but can I show them I will have the funds for them at settlement to pay off these judgements. I will not have the funds till after I sell old my house and go to settle on my new house.
Hi
If you have the intent to pay off the judgments and if you can convince the lenders you'll have enough funds to satisfy the judgments at closing, you should get approved for a loan. Most lenders would allow you to do that. Talk to your lender. They, I believe, will have no objection to it.
If you have the intent to pay off the judgments and if you can convince the lenders you'll have enough funds to satisfy the judgments at closing, you should get approved for a loan. Most lenders would allow you to do that. Talk to your lender. They, I believe, will have no objection to it.
Hi Adams,
If you have enough funds to get rid of the judgments, why not use the money to pay them off? Or, do you mean it'll take some time to get the funds at hand? A paid judgment does help one get approved for a mortgage. But if you won't receive the funds till settlement, then I think you can at least prove that you have the intent to make payment on the judgments. This may work on your favor; at least it's worth giving a try rather than not paying off the judgments at all.
May god bless you
Samantha
If you have enough funds to get rid of the judgments, why not use the money to pay them off? Or, do you mean it'll take some time to get the funds at hand? A paid judgment does help one get approved for a mortgage. But if you won't receive the funds till settlement, then I think you can at least prove that you have the intent to make payment on the judgments. This may work on your favor; at least it's worth giving a try rather than not paying off the judgments at all.
May god bless you
Samantha
