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Mortgage Judgement Bad Credit Forever?


CleverCynic
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Hey I'm asking for my brother's sake who just lost a house and had some questions I couldn't answer.

Assuming he gets a judgement for the difference (after a 2nd and everything), and wages get garnished... is the judgement going to appear on his reports until it is paid off? And since it would nearly be 30 years at some rate to pay off, will he essentially be paying 2 mortgages for the rest of his foreseeable young life if he manages to buy another house at some point?

He claims he would not get a bankrupcty because he is single and probably makes too much (around 50k) *which is not really as much as it sounds in S. Florida. I just don't know if the 7 or 10 year thing really helps him.

Any help appreciated.

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FCRA Title 15 USC 1681c, Subsection 605(a) "Information excluded from consumer reports...

(2) ...civil judgments...that from date of entry, antedate the report by more than seven years or until the governing statute of limitations has expired, whichever is the longer period..."

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