Bev3180 Posted September 22, 2003 Report Share Posted September 22, 2003 Many of us on this board have been successful in getting judgments off of the CR's however the legal judgment is still there. When you apply for a mortgage and nothing shows up, which records are checked when you go to the closing? Does the title company check directly with the county court records, which might trip up the closing? Thanks. Link to comment Share on other sites More sharing options...
kb9tbq Posted September 22, 2003 Report Share Posted September 22, 2003 Yes, just because you accomplish removing these from the credit report (that is all good and fine for improving the credit scores) but the banks processing mortgage loans will know the fact of the matter on the judgments. I don't know exactly what other directions they go, just that they do have the fact of the matter on you. Link to comment Share on other sites More sharing options...
sisflomi Posted September 22, 2003 Report Share Posted September 22, 2003 When you apply for a mortgage, a judgment is not searched for. The title search is on the property and the land owner.Title services A title search is required before closing, and reveals the following information about the property: Current property owner Outstanding loans against the property Other liens affecting the property Legal description and address of the property Covenants, conditions, and restrictions (CC&Rs) recorded by the homeowners association or the developer. This document states what is and is not allowable in the neighborhood. The closing agent must arrange to clear any problems relating to these issues, so the buyer can take ownership of the property. Lenders require that title insurance be purchased. Title insurance protects the buyer and the lender in the event of a title error. Usually the buyer pays this cost. You may get a price break if the company that previously insured the title gives you a "reissue" policy. Link to comment Share on other sites More sharing options...
Bev3180 Posted October 2, 2003 Author Report Share Posted October 2, 2003 Sis.....then if I understand this......the judgment will not affect a real estate closing, but it gives the holder of the judgment the right to go after the property after it is in my name. Do I have it correct? Thanks. Link to comment Share on other sites More sharing options...
sisflomi Posted October 3, 2003 Report Share Posted October 3, 2003 Yes, that is correct bev. If they find out you have property, they can attach a lien to it. It won't stop you from getting a mortgage unless it was showing on your credit report when you do the mortgage. Link to comment Share on other sites More sharing options...
kb9tbq Posted October 3, 2003 Report Share Posted October 3, 2003 That is not always true... depending on the lender and the package which you seek as an insturment of your mortgage loan.The lender will be able to do a public record search and I know of a many that won't grant money if they know of the existance of a judgment being out there... don't matter if it is on the credit report or not! They don't want a possible claim against the property which they seek to grant a secured loan on... I know a many banks here that won't move until the judgment is paid off and released with the court house. So be careful on this part. I know some will move, but not all. Link to comment Share on other sites More sharing options...
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