Judgment Settlement and How to Protect Myself

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I have a repossession on my credit report from 2008, and a judgment entered for it from 2010. (Yay, divorce!)


They have never actively tried to collect on it. Since it's been so long, I'm wondering if anyone has ever had success trying to negotiate on a judgment?


Also, what steps can I take to protect myself and my bank account in communications with them? I'm willing to make payments to get it paid off because I really want to buy a house, but I don't want to be garnished.


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Check your state statutes, but most judgments last at least 10 years, and some states allow them to be renewed.  If judgments in your state have an SOL of 10 years, you have another 5 years to go.  In order to qualify for a mortgage within the next 5 years, a bank will want that judgment paid.


Yes, a judgment amount can be negotiated, but if your state allows for garnishment and you have wages that can be garnished, the judgment creditor has more leverage than you do.  

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