Hi,
I have a good credit score from all three credit bureaus around mid 700's. I am planning to purchase my first home but one problem. I have a judgment from 9 years ago.
It is no longer on my credit report but I know it will need to be satisfied before I can get a mortgage. It was a mortgage for $ 10,000that I had taken to purchase a motorcycle and Jeep. But due to some unexpected problems both were repo'd. Until recently I did not know that I had a judgment from the bank for the amount of $10,000.00 plus interest. I understand that I can file a "motion to vacate" but I am having a hard time finding any lawyers that will help with this.
But I don't understand how can I be responsible for the entire amount if they have the motorcycle and the jeep. Will the bank be willing to settle for a much lesser amount if I agree to pay to "satisfy" the judgment?
Thanks
paying old judgment
Hi Beatie,
If you were not served properly regarding the lawsuit, then you can file the motion to vacate the judgment.
But I don't understand how can I be responsible for the entire amount if they have the motorcycle and the jeep.
Yes, if the jeep and motorcycle has been taken away from you then the debt amount gets lowered. However, if you pay the full debt amount, you can get back your motorcycle and jeep.
Thanks,
Aaron