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Mortgage Approval With Judgment
MY husband Hector has an old judgement from 2009 before we were married. it has not been revived. Will this prohibit a home purchase? I have a second loan mortgage would I be able to refinance only that part of the loan?
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1 Reply
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You cannot get a mortgage loan, whether it’s in first or second position, with an outstanding judgment. You either need to pay the outstanding judgment, settle the judgment, or enter into a written payment agreement with the judgment creditor. Judgments are normally good for ten to twenty years depending on the individual state. I am under the understanding in the state of Illinois judgments are good for 20 years
After 20 years, judgment creditors have the option to renew for another 20 years. A bankruptcy will discharge judgments unless the judgment was due to criminal activity or fraud