awolcott Posted September 19, 2003 Report Share Posted September 19, 2003 I have a judgment entered in 06/2001. My fiancee and myslef are looking to purchace a home withing the next 12 months. The judgement is for 8,500.00 University loan - It is not a student loan - What should I do - Also how much will it affect our chances of getting a morg? Link to comment Share on other sites More sharing options...
firstsource Posted September 19, 2003 Report Share Posted September 19, 2003 Most lenders will ask you to satisfy the judgment before getting the home loan approved. WHY? Because judgments are normally against any property that you have or will have, so the fear that the lender/s will have is that you get the property and it ends up being sold at auction to satisfy the judgment. Charles Link to comment Share on other sites More sharing options...
awolcott Posted September 21, 2003 Author Report Share Posted September 21, 2003 This Judgment was entered against me by the state attorney general of New York in 2001. My question now is should I try and dispute it to see if I can get it removed? My only concern with disputing it is I am afraid that they may take my tax return this year. Is there any way to know if my return is in danger? Also should I try and dispute it, then if it comes back as verified try and settle before I file my taxes. I have filed for two years now and they have not touched them, but for some reason this year I am a bit concerned. If I was to settle how much should my first offer be? As you guys can see I am a little confused about all this, so any advice on how to get this resolved (even if I pay it) would be of great value to me. Again thanks.Adam Link to comment Share on other sites More sharing options...
BkMaster Posted September 22, 2003 Report Share Posted September 22, 2003 I helped a friend in a a smiular situation. She owed $14k for a repo. I drafted a letter offering less than 30% of the balance owed, and I'll be damned if they didn't agree and they also stopped the process of obtaining a judgment against her.Allowing her to make payments for 36 months. From what I have read and heard on this board, this is almost unbelievable.My point is, offer what you can afford and then take it from there. There is no telling what they may accept for settlement. The way to word the letter is simple, let them know they are leaving you few options and that if they refuse your offer and don't want to make some type of affordable arrangement with you, they may not get anything (thoughts of a chapter 7 bankruptcy should cross thier mind). Thats how I worded my friends letter, and they were more than happy to make some kind of arrangements.Good luck. Link to comment Share on other sites More sharing options...
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