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PFD on a judgment

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Penn
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Subject: PFD on a judgment
 
Posted on Fri Apr 09, 2010 5:11 am  

Hi all,

I am trying to get my credit cleaned up. I have a judgment from '03 from an eviction. I have paid the majority of the judgment money but I still owe $250. The judgment shows it will fall off my credit report by 8/2010, but I am trying to raise my score so that I can qualify for an FHA loan. Don't know if I could try a PFD with a judgment because I'm sure paying it would not help all that much.

Is PFD on a judgment possible?
Aaron

Aaron

Joined: 08 Feb 2010
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48565 Magic Points

Subject: pfd on judgment
 
Posted on Fri Apr 09, 2010 6:25 am  

Hi Penn,

To remove the judgment, you first need to pay off the due judgment amount. After that you can request the creditor or the collection agency to file a satisfaction of judgment with the court. Then you can use the proof of payment and file a motion to vacate the judgment. The creditor can only report it as "Paid". He cannot remove the judgment off your report. The judge is the one who had issued the judgment. Thus, he is the one ho can remove it from your report.

However, it's only a few months from now when the judgment will fall off. Thus, if you don't want to go through all the hassles, you can wait for the 4 months.

Thanks,

Aaron
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cinnamngrl



Joined: 01 Nov 2008
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6419 Magic Points

 
Posted on Fri Apr 09, 2010 6:22 pm  

I would agree with Aaron that once paid, it will come off (after you file with the court).

however Aaron, judgments can be renewed so don't count on it coming off unless you resolve it.
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NightStar



Joined: 10 Mar 2010
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Posts: 142
Location: Illinois


3176 Magic Points

 
Posted on Sat Apr 10, 2010 5:42 am  

By all means PAY the judgment - ask the landlord to DISMISS the judgment - that means it gets removed for good.

If you go for a Mortgage loan, and the borrowed amount exceeds $250,000 for the home, a FULL credit report can be pulled. These reports don't have the 7 year drop off like the short reports.

Besides the Mortgage company will do a public record search and see the judgment - they ALWAYS require judgments be paid before approving a mortgage loan.

Also if you get the judgment deleted, it can help improve the score and the interest rate you are offered on the loan.

Just be sure to get written agreement that the landlord will dismiss, get them to go to the court house to file the dismissal, then go to the court house to get copy and forward a copy of that to all of the credit reporting agencies. Experian, Equifax, TransUnion, and Innovis.

Experian
www.experian.com

Equifax
www.equifax.com

Transunion
www.transunion.com

Innovis
www.innovis.com
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Aaron

Aaron

Joined: 08 Feb 2010
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Posts: 2632



48565 Magic Points

Subject: judgments
 
Posted on Sat Apr 10, 2010 10:37 am  

Hi cinnamngrl,

Yes it's true that a judgment can be renewed before it can fall off the credit report if the judgment amount isn't paid. I just forgot to mention that in my previous post Smile

The best thing to do is to pay off the judgment amount, and then get the judgment deleted from the credit report.

Thanks,

Aaron
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Twinkle
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Subject: qWTUTwrztwN
 
Posted on Thu Apr 11, 2013 7:19 pm  

The judgment may have been dhsgiarced in the bankruptcy and should reflect that on your credit report. However, that does not get the judgment removed. It will remain for the balance of the reporting period. Judgments stay for 7 years, or your state's statutory max, which ever is longer.ADDED: Then you should have called your lawyer instead of asking the question on a message board. By the way, come back and let us know when your attorney fails to get it removed. The judgment will have to be set aside. If the judgment came before the bankruptcy, it ain't gonna happen. If the judgment came after the bankruptcy notifications were sent to the creditors, your attorney screwed up. He should have responded and stopped the court action.

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