Financing -- Loans/Problem on Credit Report
My wife and I are in the process of buying our first home. When I submitted my information for a credit report to my mortgage lender the report came back with scores of 720, 700 and 660. The major problem was that I had a small claims case reading "In Judgement" on my credit report from a credit card I became default on in 2005. The total amount due was $938. However, I made arrangements with the collector and finished paying the small claims case in 2007. I have all documentation that states that the case has been settled yet it still shows up on my credit report as "In Judgement". Do I have any chance to get a loan or am I just wasting my time? I've given my mortgage lender copies of all of my documentation from the court house that confirms that the debt has been paid in full. I have been notified by someone I know who works at the courthouse that a bank had called to verify that the case had been settled but nothing has happened since then.
If you have the documentation showing the Judgment was paid in full, then you need to tell the County to notify the 3 Credit Bureaus that this has been satisfied and to record it as satisfied and put a date when this was done on your credit report.
To answer the main question you have, yes you are going to be able to get a loan! As for not hearing anything from the bank, they are slower than I've ever seen in the 19 years I have been doing loans. So, just hang in there and don't be bashful about calling your Loan Officer to see what your status is..... :)
Sr. Loan Officer