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About Brian Beardsley
Expertise
Most creative financing / conventional financing questions

Experience
Used to be on the All Experts.com "list" Active in the business for 20 years, operating Mortgage brokerage for last 10

Organizations
National Associations Mortgage Brokers

You are here: Experts > Shopping > Home Buying/Selling > Real Estate Home Mortgages > Judgements

Real Estate Home Mortgages - Judgements

Expert: Brian Beardsley - 8/11/2009

Question
I am recently married but have poor credit from a previous divorce. I had 2 judgements from credit cards, one of which I paid in early 2009. The other because it is a significant amount I will need to either save to make an offer or pay over time. We are currently renting and we have been paying rent,car loan and everything else on time. We are anxious to buy a home. Will I need to completely satisfy this judgement before a lending company will consider us or would an established payment plan and history of consistent timely payments (say 6 months or a year) allow us to be considered for a mortgage loan

Answer
Thanks for your question - An established payment plan over a 12 month period would be helpful - Be sure to keep any copies of correspondence from the creditor, as well as copies of cancelled checks from your checking account (do not pay with money orders - the lender will want to see it coming directly out of your account) It would also be helpful if the creditor would update your credit profile on the 3 agencies, to reflect "payment agreement / paid as agreed", as this would increase your credit score

Sorry for the delayed response, thanks for using AllExperts.com!

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About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here