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Judgment, SOL and credit report... help!

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CinemaMan
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Subject: Judgment, SOL and credit report... help!
 
Posted on Thu Sep 23, 2010 5:12 pm  

Here is the situation. I am about to buy a house. The preapproval came back approved. The lender is concerned about a judgment that shows on my report. I told him that it is old and taken care of. He said fine could I show any proof of that. Here is the problem. The judgment against me was for $7,500 back in 2/2005. This was when the nbma/man brakken/wolpoff abramson fiasco was going on. I was one that got taken for money. Anyway, The SOL is past and over. I know it will stay on my report for another two years. So, my question is this.. Is there anyway to show on the credit report that the sol is up and the debt does not need to be paid. Right now my report on this case shows the amount and as far as status or anything else the lines are blank.

I do not want this to be the one thing thats stops me from getting the approval. Oh one more thing. Would explaining this to the lender be enough or do I need something in writing?

Thanks to anyone in advance for help to my quandries.
Aaron

Aaron

Joined: 08 Feb 2010
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Posts: 2632



48565 Magic Points

Subject: jusgment and sol
 
Posted on Fri Sep 24, 2010 7:20 am  

Hi CinemaMan,

Quote:
Is there anyway to show on the credit report that the sol is up and the debt does not need to be paid.
You are mistaken. Mostly people think that if the Statute of Limitations (SOL) has expired, the liability to pay the debt is no more applicable. However, this is not true. When SOL expires, the creditor or collection agency won't be able to sue you for the debt but you are still liable to pay off this debt.

Moreover in your case you have a judgment against you on this debt. The judgment may fall off after two years but the judgment can still be applicable as it may not have expired. The SOL on debt and the SOL on judgment are different. You need to check out the SOL on judgment in your state. If the SOL on judgment has still not expired the creditor can renew it and it will come back on your credit report. Thus, it is better to negotiate a payment agreement with the creditor and pay off the judgment amount.

Thanks,

Aaron
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Cinemaman
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Posted on Fri Sep 24, 2010 10:04 pm  

Thanks Aaron,

Just to let you know the sol on the judgement has expired and on the debt. I am in PA and it's 4 years. All the other things I have read does say not only can't they sue me, but I do not have to pay it. I do know it comes off after seven. I was just wondering if there was a way to make a note on my end onto the credit report so viewers can see the reason. Thanks again.
Aaron

Aaron

Joined: 08 Feb 2010
Aaron's page
Posts: 2632



48565 Magic Points

Subject: expired sol
 
Posted on Tue Sep 28, 2010 10:53 am  

Hi CinemaMan,

Quote:
I was just wondering if there was a way to make a note on my end onto the credit report so viewers can see the reason.
No, you cant do that. however, you can try disputing this item off your report. In that way you can get rid off the debt without paying it.

however, you still legally owe the debt. That is true. Actually it is like once the SOL expires, you can try not to pay off the debt. It is not like you are no more liable for it. The law does not mention that. I know that many other things say that once SOL expires you are no longer required to pay the debt.

Thanks,

Aaron
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