I have a few judgements against me from past due credit cards and I am trying to sell my house In NY and make a fresh start. I have every intention of paying these judgements after I get settled in my new area. I am concered that the judgements may bite me in the ... when it comes time to close on my house. They are not leins but judgements. Will this affect the sale of my home? Will I be forced to clear them up before selling the house or does one have nothing to do with the other?
Does not effect the sell of your home, but when you go to buy another property it will effect the interest rate and your Credit Score.
When you sell this property, pay off the judgments to clean up your credit report, make sure you get the Notice of satisfaction of the judgment, since it takes a few months to be listed on the Credit Report.
so in other words the judgements are against me personally and will effect my obtaining future credit, but they are not attached to my property and I will sell, take the money and run - until I am settled and clear up this imbarrassing problem?
That's what Mr Yet said. However, there is a possibility, though remote, that the creditors have placed leins on your home to satisfy the judgements. You can check this out at the county clerks office, or thru a title search. If there are any leins, then they will need to be satisified at closing or before.
There are no liens posted against me on the county clerk office website as of yet. Just the judgements.
Can a credit card co., collection agency, and/or attorney for c.c. attach a lien on a house for an unsecured credit situation?
Is a judgement anything more then a legal piece of paper verifying its legitimacy?
This varies by state, but in most states, a judgement based on unsecured debt cannot be used against a primary residence. That's why I said its a remote possibility.
Not sure what you are asking in the second part. A judgement is an authorization to the creditor to garnish or otherwise seize assets or property of the debtor to repay the debt. There are restrictions on what assets or property can be attached, but those restrictions vary depending on the area.
Well, thank you so very much for all your help. This eases my mind with the go ahead with the sale of my house. If I was forced to satisfy the judgments at the time of sale, I would not be able to afford my new housing and vertually end up homeless. That is not an option. I will get my self settled, organize my finances and clear these things up ASAP.
I will keep you all posted
One other point. If they have judgements against you, they could garnish your bank accounts. If you deposit the proceeds of the sale, they could get at them that way.
problem?
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