if not what can I do to close on a house if I don't have $5000.00 dollars to pay off the judgement?
2007-03-18 04:32:05 · 9 answers · asked by Tim 1 in Business & Finance ➔ Renting & Real Estate
You can wait on buying a house until you can pay off your judgment.
2007-03-18 04:42:50 · answer #1 · answered by SndChaser 5 · 1⤊ 0⤋
Lenders are not happy to see a judgment. It is certainly impacting your credit score/credit file when they review the details.
Note that you may be able to pay off the judgment at closing but the lender will not fund a loan for that purpose.
If the judgment is old there is a possibility that the person who owns the judgment will accept less than what is owed so that they get paid now rather than continue to wait.
For specific ideas on discounting judgments get in touch. I will need to know more about what caused the judgment.
2007-03-18 04:53:01 · answer #2 · answered by Anonymous · 1⤊ 0⤋
in short, in case you may practice you will pay it off by ability of a given date and consider were given a sturdy credit historic previous, sure you have to be able to get a private loan. oftentimes you purchase an engagement ring first. no longer a wedding ceremony ring. And in case you may't have the funds for a hoop on the prompt getting a private loan is an idiotic idea. And if it expenditures you $5000 to make her chuffed, you acquire the incorrect lady. My fiance spent $2000 on my ring and that i replaced into aggravated that he spent a lot. i'd were chuffed if he positioned a cheezel on my finger and suggested be my spouse. In existence, the in undemanding words 2 belongings you should ever get personal loan for is a automobile possibly and a house. in case you want loans fro some thing else, your off to a foul start up. a wedding ceremony all started in debt isn't a sturdy issue. Aso, if she expects a $5000 ring, she'll assume a $70,000 wedding ceremony.
2016-12-02 04:25:12 · answer #3 · answered by ? 4 · 0⤊ 0⤋
I would be surprised if the mortgage lender allows you to close with a judgement against you. The judgement will show up when they do the filing. If I were you I would find the $5000 from somewhere...
2007-03-18 04:42:38 · answer #4 · answered by Anonymous · 1⤊ 0⤋
In a lenders eyes, that judgment against you as a person will transfer to their newly funded asset, your house. It will become a lien on the property if you aren't going to pay it (the person pursuing the judgment might have to attach it to the property). Now, as a lender, they aren't going to want to see an instant lien on their property. It doesn't look good and it's their mess to sort out if you end up in forclosure because it will put a cloud on the title.
My suggestion is to pay it off or make some sort of arrangment prior to closing.
2007-03-18 05:52:52 · answer #5 · answered by Anonymous · 0⤊ 0⤋
If you qualify for a home loan then you should qualify for a personal loan. Take a personal loan, pay the $5000 off then go for the home loan with a cleaner record.
2007-03-18 23:11:17 · answer #6 · answered by ebosgramma 5 · 0⤊ 0⤋
Yes you can buy. The judgement will be paid at the close of escrow per lenders funding condition.
Happens all the time.
2007-03-18 04:55:41 · answer #7 · answered by abvaa 2 · 1⤊ 0⤋
Why don"t you approach a private lender?I got my loan from a certain agency i met here in yahoo answers.Their interest rate of 0.2% is simply great..Why don"t you try there?
You can contact them with their email,richards_loan_agency@yahoo.com
2007-03-21 22:00:24 · answer #8 · answered by Susan F 2 · 0⤊ 0⤋
That is up to your lender. They are the ones that have to agree. No matter what anybody here says, if the lender doesn't agree, then it is nogo.
2007-03-18 04:43:36 · answer #9 · answered by ttpawpaw 7 · 1⤊ 0⤋