Release of Judgment?!?

[Zimster]

My husband and I had a judgment filed against for a stupid mistake we made. We have been making payments on the account for 2 years now. We have made a settlement offer for less than we owe and they have accepted it! The attorney stated that we prepare the Release of Judgement, they will sign it; however, it will cost us $100 for them to prepare. My question...what is a Release of Judgment and where can I find the form to do it myself? We are in Texas.

We are also looking at refinancing our home after the judgment is paid. What are our chances of getting a decent rate? (This is the LAST negative thing on our credit report. Everything else for the last 18+ months is positive.)

Thanks!!!

[chane]

Originally Posted by Zimster

My husband and I had a judgment filed against for a stupid mistake we made. We have been making payments on the account for 2 years now. We have made a settlement offer for less than we owe and they have accepted it! The attorney stated that we prepare the Release of Judgement, they will sign it; however, it will cost us $100 for them to prepare. My question...what is a Release of Judgment and where can I find the form to do it myself? We are in Texas.

We are also looking at refinancing our home after the judgment is paid. What are our chances of getting a decent rate? (This is the LAST negative thing on our credit report. Everything else for the last 18+ months is positive.)

Thanks!!!

I honestly don't know the answer to your question. I don't have any forms for that on this site.

I do know that it will help to have the judgment paid as far as being able to get a mortgage, but it will still be on your credit reports and will still hurt your scores.

You may want to dispute it with the credit bureaus after you pay it, before you decide to apply for a mortgage. The difference between a good interest rate and a shitty one can be $100,000 or so and I'd hate to see you have to pay that because of a mistake you made back in the day.

good luck!

[Zimster]

I had not thought of disputing it before applying to refinance, but that is a good idea! I will definately do that.

I have researched the Release of Judgment and sorta put together the two examples I could find. I guess we will find out if it will work when we take it to the attorney and get this settled!

Thanks for the advice!