When it comes to getting a mortgage the difference between a credit collection account and a judgment is significant.
The biggest difference is that a collection account doesn’t have to be paid off as a condition of mortgage approval.
…However, a court ordered judgment MUST be paid off before a mortgage can be approved.
The reason is that the mortgage company sees the judgment as a significant risk to their lien position from a title perspective.
That’s it for today!
If you would like to see if you qualify for a mortgage right now – click here and fill out this simple and quick application.
Have a good day today! …and thanks for reading.
Brett