Help with a judgement?

[Triple-L]

I have good credit with scores from all three bureaus around mid 700's....I am in the early stages of planning to purchase me first home but one problem. I have a judgement from 8 years ago. It is no longer on my credit file but I know it will need to be satisfied before I am able to get a mortgage. Here are the details of the mortgage. I borrowed $15,000.00 to purchase a motorcycle and Jeep and due to unexpected problems both were repo'd...Shortly after I moved from VA to Washington DC and never thought anything else about this.....Until recently when I found out that I had a judgement from the bank for the amount of $15,000.00 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. My questions are these: How can I be responsible for the entire amount and they have the property(s). Second question. Will the banks be willing to settle for a much lesser amount if I agree to pay to "satisfy" the judgement? Any info you could provide would be helpful. Thanks

[chane]

You shouldn't be responsible for the entire amount. I'm sure they were able to recover some of it an auction, but then they add fees and interest, etc...they really try to screw you.

The banks will probably settle, but then they will probably report it on your credit...that will destroy your scores. If it's not on any of your credit reports, I don't think the mortgage lenders will try to make you pay it. How will they know about it? The best thing to do is just leave it alone unless they bring it up. If they bring it up, then it probably is on your credit reports.

[Triple-L]

Originally Posted by chane

You shouldn't be responsible for the entire amount. I'm sure they were able to recover some of it an auction, but then they add fees and interest, etc...they really try to screw you.

The banks will probably settle, but then they will probably report it on your credit...that will destroy your scores. If it's not on any of your credit reports, I don't think the mortgage lenders will try to make you pay it. How will they know about it? The best thing to do is just leave it alone unless they bring it up. If they bring it up, then it probably is on your credit reports.

From what I understand the mortgage companies do a "title check".....I am unfamiliar with this since I have never purchased a home before. My biggest fear is filing a motion to vacate and then lose in court and a new judgement be issued on my credit report. At least now it does not show on my credit report. However, the judgement must be settled if the mortgage company finds out about....Im not sure which way to go....I called several attorneys and none of them are interested in helping. Thanks for your input

[EPiXNiCROS]

Originally Posted by Triple-L

How can I be responsible for the entire amount and they have the property(s).

The problem is the judge awarded the bank a default judgment for whatever amount they asked for because you were not present. The bank will probably settle for a lesser amount to satisfy the judgment but at this point the judgment may have expired. Do you know the date the judgment was entered?

Originally Posted by Triple-L

Second question. Will the banks be willing to settle for a much lesser amount if I agree to pay to "satisfy" the judgment?

I have settled many judgments for 20% - 70% their original value and I purchased my first home just a couple weeks after settling a judgment.

I recommend you run a title search yourself so there are no surprises for the lender right before closing.