2007-07-13 07:26:09 · 9 answers · asked by schunkwc1952 1 in Business & Finance ➔ Renting & Real Estate
Question is why would you want to? If and that is a big if because I believe there is a clause in there asking if you are being litigated against. You get the mortgage, you buy the home, they win judgement, you lose the home but are still responsible for the payments
2007-07-13 10:00:09 · answer #1 · answered by Pengy 7 · 0⤊ 0⤋
Can you? Yes. Will you? Less likely than if you weren't being sued.
You don't have to have great credit, but whether or not you're a party in a lawsuit is a required question on every application I've ever seen. Saying yes will require an explanation and if there is the possibility of financial obligations as a result it will be detrimental to you getting the loan. It may not be a complete turn down, but you'll most likely need a cosigner (not affiliated with the lawsuit) at the very minimum.
2007-07-13 07:54:22 · answer #2 · answered by J P 4 · 0⤊ 0⤋
One of the declaration questions asked on every mortgage application is whether you have any pending litigation against you.
Failing to disclose it would be considered fraud.
I've never really run across this situation directly, but from what I understand, you'd need a copy of the lawsuit and a letter from your attorney. The amount of the suit will likely need to be treated as a debt against your qualifying.
Quite honestly, it may be difficult to get financed, unless you lie about it.
2007-07-13 08:18:11 · answer #3 · answered by Yanswersmonitorsarenazis 5 · 0⤊ 0⤋
I think I would tell the ppl I am getting the mortgage from that someone is suing me and that should be the end of it . I dont see you not getting a mortgage because of it . although I do know you have to have excellent credit to get a mortgage . so I do hope you get one it is important to own your own house . good luck .
2007-07-13 07:31:21 · answer #4 · answered by Kate T. 7 · 0⤊ 1⤋
It is a required question on all loan applications and the lender will look at the possibility of a lien being placed against the home they are lending on. It makes it difficult and often results in a turn down.
2007-07-13 07:43:36 · answer #5 · answered by flamingojohn 4 · 1⤊ 0⤋
No. One of the questions on a 1003 is if you are current the party to a lawsuit, and if you answer no, you have just lied on a loan application.
2007-07-13 08:09:15 · answer #6 · answered by Expert8675309 7 · 0⤊ 0⤋
if it comes up on a credit report it may, otherwise, I don't think they would know about it unless you told them. Depending on the outcome, if it goes against you, will that affect your ability to actually afford the mortgage? That's a key question to ask yourself.
2007-07-13 07:29:56 · answer #7 · answered by Anonymous · 0⤊ 1⤋
Depends on your lenders requirements. And what they will and won't allow.
2007-07-13 09:04:42 · answer #8 · answered by Scott 6 · 0⤊ 0⤋
Of course you can.
2007-07-13 07:30:17 · answer #9 · answered by Gengis 6 · 0⤊ 1⤋