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Experts HELP QUICK!


lucyricardo
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We received a conditional loan approval from Accredited on an 80/20 up to $500,000 on June 9th. We opened Escrow on a $485,000 house a couple weeks ago. My husband is the "Prime Borrower" and his medium score on 6/9 was 620.

PROBLEM. A sister state judgement was entered in CA in June for $9054. It's a long story but here are the basic facts:

1. In reference to a business dealing in FL which ended in 9/01.

2. Plaintiff had judgement in FL in 12/02, date of last activity.

3. Original contract between my husband and the Plaintiff said, "ALL FEES NON-REFUNDABLE" and they signed it, we have the original contract.

This judgement is showing up on Equifax and the score only came down 3 points after it was reported. In fact, since the first pull of the scores in June, we've paid off a credit card and now the scores have gone up and are EQ: 672, EX: 622, TU:622. I have to add that TU isn't showing the card with a $0 balance yet (this should happen anytime, it was paid on 6/29) and after it gets updated, the TU score should be at least 20 points higher.

What does this mean for our loan? Also, we have a old TL on EQ that says the status date was 8/94 for a $24,000 paid Ford Auto Loan. I'm afraid if they wait to pull the report in Oct. or Sept., the judgement will be on the other reports plus, this old TL will be off and the score will drop. This is the oldest TL he has, the next oldest is only 2 years old! Is there anyway they can pull a report in August for a Oct. 14th close of escrow??

Our income has stayed the same, bank deposits, etc. We have $40,000 in the bank. Any suggestions/advice? Should we contact the loan officer and let him know about this? PLEASE HELP, we can't lose this loan because of this judgement that isn't even valid to begin with. They sued in their hometown and we were not there for the hearings, we think there was talk going on in the judges chambers between him and the Plaintiff's attorney.

Thanks in advance!

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First of all, Monday morning, first thing, contact your LO and explain the situation, being prepared to send him all the info you have.

As far as getting a loan, you should not have a problem getting a loan. I dont have access to their programs at this time, but chances are that they are a lender that will ignore judgments.

So, dont panic, you can still get your loan, just maybe not from that lender.

As far as the situation at hand, sounds like you should spend the money to take some legal action to get the judgment vacated, as it does not sound valid.

Charles

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