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Hi all,
I am trying to get my credit cleaned up. I have a judgment from '03 from an eviction. I have paid the majority of the judgment money but I still owe $250. The judgment shows it will fall off my credit report by 8/2010, but I am trying to raise my score so that I can qualify for an FHA loan. Don't know if I could try a PFD with a judgment because I'm sure paying it would not help all that much.
Is PFD on a judgment possible?
pfd on judgment
Hi Penn,
To remove the judgment, you first need to pay off the due judgment amount. After that you can request the creditor or the collection agency to file a satisfaction of judgment with the court. Then you can use the proof of payment and file a motion to vacate the judgment. The creditor can only report it as "Paid". He cannot remove the judgment off your report. The judge is the one who had issued the judgment. Thus, he is the one ho can remove it from your report.
However, it's only a few months from now when the judgment will fall off. Thus, if you don't want to go through all the hassles, you can wait for the 4 months.
Thanks,
Aaron
I would agree with Aaron that once paid, it will come off (after you file with the court).
however Aaron, judgments can be renewed so don't count on it coming off unless you resolve it.
By all means PAY the judgment - ask the landlord to DISMISS the judgment - that means it gets removed for good.
If you go for a Mortgage loan, and the borrowed amount exceeds $250,000 for the home, a FULL credit report can be pulled. These reports don't have the 7 year drop off like the short reports.
Besides the Mortgage company will do a public record search and see the judgment - they ALWAYS require judgments be paid before approving a mortgage loan.
Also if you get the judgment deleted, it can help improve the score and the interest rate you are offered on the loan.
Just be sure to get written agreement that the landlord will dismiss, get them to go to the court house to file the dismissal, then go to the court house to get copy and forward a copy of that to all of the credit reporting agencies. Experian, Equifax, TransUnion, and Innovis.
Experian
www.experian.com
Equifax
www.equifax.com
Transunion
www.transunion.com
Innovis
www.innovis.com
judgments
Hi cinnamngrl,
Yes it's true that a judgment can be renewed before it can fall off the credit report if the judgment amount isn't paid. I just forgot to mention that in my previous post :)
The best thing to do is to pay off the judgment amount, and then get the judgment deleted from the credit report.
Thanks,
Aaron
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The judgment may have been dhsgiarced in the bankruptcy and should reflect that on your credit report. However, that does not get the judgment removed. It will remain for the balance of the reporting period. Judgments stay for 7 years, or your state's statutory max, which ever is longer.ADDED: Then you should have called your lawyer instead of asking the question on a message board. By the way, come back and let us know when your attorney fails to get it removed. The judgment will have to be set aside. If the judgment came before the bankruptcy, it ain't gonna happen. If the judgment came after the bankruptcy notifications were sent to the creditors, your attorney screwed up. He should have responded and stopped the court action.