Have you been told that you can’t get a mortgage until you pay off your judgement?
If so, I have some good news for you.
It is possible to get a mortgage and not have to pay your judgement off first. (It wasn’t possible until recently – but we just got some relief on this!)
Here’s how it works…
1) This would be for FHA loans.
2) If the judgement is already attached to the title of the home – then I can’t help you and the judgement would have to be paid off.
However, in a purchase situation the judgement would most likely not already be on title.
3) Here’s the biggie: A judgment may remain unpaid if you (the borrower) have a repayment plan in place with a minimum of two payments made prior to the date of the purchase contract!
…how about that!
It may not sound like much, but this is big!
That’s it for today!
Brett
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