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    francena's Avatar
    francena Posts: 3, Reputation: 1
    New Member
    		  
    #1

    Jun 24, 2010, 05:06 AM
    Judgement
    I have a judgement filed from Ford Motor Credit (2004). I applied for a loan from USDA to purchase my fist home it was approved until the title search company ran a search for judgements? Ford Motor Credit does not show up on any of the three credit reports. Having this judgement has put a hold on the loan until the judgement is statisfied. I was schelduled to go to closing on July 9. The debt is for $11,000 but, they will settle on $6,600. Neither of which, I have. Are there any solutions for this problem or am I stuck?

    Thanks
    First time home buyer??
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Jun 24, 2010, 05:46 AM

    Were you not aware of the judgement? What is it for?

    Can you possible increase the amount of the mortgage to cover the $6600?
    francena's Avatar
    francena Posts: 3, Reputation: 1
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    #3

    Jun 24, 2010, 03:16 PM
    I knew I owed Ford for a car loan but, It wasn't on any of the credit reports so, I thought it wouldn't matter. I was wrong.
    The seller suggested that we up the price of the house to cover the cost however; USDA wants it to be satisfied before we go any further. It would appear that I don't have too many options but to hold off on buying a house until I clear the Ford judgement.
    DownUnder's Avatar
    DownUnder Posts: 492, Reputation: 24
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    #4

    Jun 24, 2010, 06:00 PM

    Debt never goes away,your obligation to pay it back never goes away. It will at some point come back to haunt you as you well found out. With that being said,work on paying off the judgement and then you can get your house with out that hanging over your head
    francena's Avatar
    francena Posts: 3, Reputation: 1
    New Member
    		  
    #5

    Jun 25, 2010, 06:15 AM
    Comment on DownUnder's post
    You are right. I am making plans now to repay Ford so, I can move forward with buying a house in the near furture. Thanks
    DownUnder's Avatar
    DownUnder Posts: 492, Reputation: 24
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    #6

    Jun 25, 2010, 05:00 PM

    Great! Sounds to me you are moving (no pun intented) in the right direction

    Good Luck!
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