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Ikyo · Apr 4, 2009, 08:01 PM

My father is willing to help my fiancée and I get a new home. The only issue is he has a judgment on his credit report. The judgement is for an unpaid credit card back in 2003. We contacted the court house and got the information on the debt. It was filed as a chapter 61 collection. They haven't touched the judgment since it was filed. We called the original creditor and were told it was charged off and sold.

Should this effect him helping us get a home? We have heard different stories saying it shouldn't and some saying it will. We are okay with trying to pay it off, but can't find out who owns the current debt.

Fr_Chuck · Apr 4, 2009, 08:49 PM

With a judgement on his creidt report, I doubt his credit is good enough to really be any help

Ikyo · Apr 5, 2009, 05:17 AM

Actually just the opposite, his credit is more then high enough to help.

ScottGem · Apr 5, 2009, 05:53 AM

It depends on what help you want. If his credit score is high enough and the lenders will approve the loan with him as cosigner, then it will help.

If he score is not high enough, then he could still help by loaning you money for a down payment and you can enter a separate agreement to repay him.

Ikyo · Apr 5, 2009, 05:58 AM

His credit score is high enough and they have approved it. We are just wondering about the judgement.

ScottGem · Apr 5, 2009, 06:02 AM

If the lender approved it, then why is there a question?

Ikyo · Apr 5, 2009, 06:04 AM

There is a question regarding how to handle the judgment.

ScottGem · Apr 5, 2009, 06:07 AM

That wasn't your question. Your question was whether it would affect his helping purchase the home. Since the lender has approved it then you already had your answer.

If you want to know how to clear the judgement, that's a different question for a different forum (like Bankruptcy & Debt or Credit).

Ikyo · Apr 5, 2009, 06:19 AM

I have made a post there regarding this.