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Best strategy for satisfying an old judgment


nj_ny
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Hi there. New to the forum and would appreciate any advice you're willing to give.

As part of the mortgage process, I'm trying to clear up a $4k default judgment filed against me in NY in 2004. It disappeared from my credit report about a year ago. I never had my wages garnished or anything.

Questions:

* When I contact the plaintiff, what type of document am I requiring from them immediately upon payment to move my mortgage along? What's the best way to ensure I get it when I pay?

* This public record is no longer on my credit report. I've read that it can reappear as a satisfied judgment, but not an active one. That's the last thing I want to happen. Can I ask the plaintiff not report the satisfied judgment to credit bureaus, and if so, what's the best way for me to ensure that they don't?

* Given my concern about my credit report, any opinions on whether or not I'd be able to negotiate the amount down? It's probably up to $7k right now. Let's say I offer $4k cash in exchange for a written guarantee that they won't report to CRAs and [whatever I need to show it's satisfied]. Likely to be accepted?

Thanks so much for your help.

Edited by nj_ny
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I don't know the percentage that will work with your creditor. But don't tip your hand by saying you want a mortgage so you need to clear the judgement. If the judgement creditor knows you want to purchase property they become intractable in the amount due and it blows your chance for negotiating a lower amount. The creditor may know anyway if you have already applied to a mortgage lender and he notices the inquiries on your report.

When you pay, you absolutely want a Satisfaction of Judgement and you want to record it in your county. You will need this to obtain your mortgage.

It may or may not be picked up by some third party company that reports such things to the CRB's. That is difficult to know. I think its unlikely because the Judgement will be satisfied.

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