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    tboyd2008's Avatar
    tboyd2008 Posts: 3, Reputation: 1
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    #1

    Jun 3, 2008, 02:09 PM
    New Mortgage w/ judgement
    The title company found a judgement in my name from a repo last year. Is there any way I can still close on this property? Can I put the deed in someone else's name?
    tickle's Avatar
    tickle Posts: 23,800, Reputation: 2674
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    #2

    Jun 3, 2008, 02:36 PM
    The judgment was paid off, right ? But it still remains on your credit report. Or, you haven't paid off the judgment, so just do it. No, this doesn't answer your question. What about the mortgage company. Have they approved your already?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,302, Reputation: 7692
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    #3

    Jun 3, 2008, 02:42 PM
    Please explain, repo? What was repoed

    Judgement, what is the judgement on

    What are you closing on.
    tboyd2008's Avatar
    tboyd2008 Posts: 3, Reputation: 1
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    #4

    Jun 3, 2008, 02:43 PM
    The repo is a auto reposession from last year. I am trying to close on a purchase of a home in Aurora, Colorado
    tboyd2008's Avatar
    tboyd2008 Posts: 3, Reputation: 1
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    #5

    Jun 3, 2008, 03:34 PM
    The judgement was not paid off, they have the car and are asking for a ridiculous amount of $20,000.00 + interest for every day unpaid
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,302, Reputation: 7692
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    #6

    Jun 3, 2008, 03:59 PM
    If you have a judgement on your record, the mortgage company can deny you the long, You will need to clarify this with your lender, They will not want the judgement to place a lien on the property as soon as you buy it.
    DBmtgprocessor's Avatar
    DBmtgprocessor Posts: 37, Reputation: 4
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    #7

    Jun 4, 2008, 12:08 PM
    3 issues here. 1 would be the mortgage company approving your credit with a repo less than 3 years ago and if they require it to be paid in order to be approved. What does the loan officer tell you? The second whether the lien affects title to the property you are trying to purchase, that would all depend on how the judgement was filed. The title company could tell you if it affects your purchasing the property. The third thing is your question about the deed. If you are getting a mortgage you will have to be on the deed. If you are purchasing a property cash and wanting to use putting someone else on deed to purchase a property for you that is called a straw buyer and is considered fraud.
    Loan_Guy's Avatar
    Loan_Guy Posts: 83, Reputation: 6
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    #8

    Jun 5, 2008, 08:03 PM
    Quote Originally Posted by tboyd2008
    The title company found a judgement in my name from a repo last year. Is there any way I can still close on this property? Can I put the deed in someone elses name?
    OK, one thing at a time...

    First, it is possible that the credit report does not show the repo, but a check of the buyer by the title company can turn up the lien. If it could attach itself to the property, the lender could easily nix the deal, as they do not want to give up first lien position. I had that happen to one of my clients, but it was for a collection.

    Second, can you still close on that property? Sure, pay the judgment. The little guy with horns that sits on my left shoulder says to find a title company that does not do checks on the buyer and have the mortgage person resubmit through another lender. Of course, that would only work if the judgment really does not show up on the credit report. That also brings about some ethical questions. Personally, I would not do that just to get a loan through, but don't think it hasn't happened...

    Finally, why would you place yourself on the mortgage (be responsible for a debt) and give ownership to someone else (the deed)?? Actually the issue here is with the lender's reluctance to loan you the money because the judgment could give someone else first shot at the collateral for the loan.

    You really need to straighten the judgment issue out, as it will come back to haunt you for a long time!

    Sorry...

    LG

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