Posted by Tyrone on February 26, 2004 at 08:32:17:
Thanks Keith. I appreciate your advice.
judgement on credit file - Posted by Tyrone
Posted by Tyrone on February 25, 2004 at 12:45:04:
Ready to close on a deal with upside potential profit. However, the lender denied my loan b/c of a 10K default judgement on my credit. I have 720 FICO score and have bought investment properties before. The lender claims they cannot fund the loan b/c the judgement could be attached to the personal property. Is this true? And if so, any suggestions on how I can delete a judgement off my credit?
Re: judgement on credit file - Posted by Keith
Posted by Keith on February 25, 2004 at 20:36:39:
A lot of lenders won’t fund any deal if the buyer has existing judgements, regardless of the credit score. If this judgement is recorded against you it will attach itself to anything in your name currently and anything that is put in your name in the future, until the judgement has been satisfied and released.
The question would be; Is the judgement valid ? If you actually owe the amount the only way to remove it is to negotiate a satisfaction of the judgement (sometimes for a lot less than what you actually owe).
If the judgement is showing in error you can have it removed a lot easier. In either case its time to hire a lawyer.
I wouldn’t be deeding anything in your name until you get this cleared up.
Good luck,
Keith