Friday, September 19, 2014

SATISFYING JUDGMENTS ON YOUR CREDIT

Have you ever heard of someone paying their judgment and it still is being shown as unpaid?

This is a common occurrence.  Creditors are eager to take your money, but they have no incentive to go to the trouble of removing the judgment, or at least showing it as being paid.  Once you pay them it is too late to negotiate with them.  They can still continue to show the judgment as being unpaid for up to 10 years!  If a potential home buyer is attempting to purchase a home, and a judgment shows as being unpaid, even if the lender is willing to give a mortgage, the title company can't get clean title for the borrower without proof the lien is paid and satisfied in the courthouse.

You owe it to yourself to follow these simple steps if paying off an old judgment:
1. Contact the creditor who filed the judgment against you. ( Don't call the magistrate or courthouse)
2. Get a bank or cashier's check for the entire amount owed, made payable the plaintiff.
3. Set up a time to meet with the creditor at the courthouse in the county in which it was filed.
4. Pay them at the same time they go to the clerk of courts to file the "Satisfaction Piece".
By following these simple steps insures that your lien will show as satisfied anywhere from 30-90 days after it is filed.

Andy Williams
President
Abacus Regional Mortgage
NMLS # 118317
(484) 695-5972

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