I have a civil judgement 8 years old on a auto {need help finding a lender for a mortage.
2007-11-02 04:55:17 · 3 answers · asked by nchlsnjss 1 in Business & Finance ➔ Credit
A judgment is one of those things that causes an instant black ball for a mortgage. The reason is simple. Since you have a judgment against you, the creditor can garnish wages or seize assets to satisfy it. This can mean putting a lien on your property. Lenders view this as an exceptional risk. Sorry the news is not better.
2007-11-02 05:03:52 · answer #1 · answered by Jay P 7 · 0⤊ 0⤋
If the judgement is not paid, the mortgage company will most likely insist you pay it before a loan will be given. With a paid judgement, you may still get the mortgage, but at a higher interest rate. Good luck!
2007-11-02 05:50:25 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You have no collateral. The judgment would take precedence over the bank's new lien, allowing the old creditor to seize the house even though you pledged it to the bank for the mortgage. This leave the bank with no security.
2007-11-02 06:47:02 · answer #3 · answered by Ted 7 · 0⤊ 0⤋