Does a judgement last forever?

Discussion in 'Credit Talk' started by Poochie, Jul 31, 2003.

  1. Poochie

    Poochie New Member

    I've decided to let the bank foreclose on my rental house rather than declare BK. If there is a deficiency judgement entered, will it be a part of my record for forever or will it drop off eventually? Has anyone out there lived through this scenario? what happened? will I have to go to court? I don't have a job so I don't have any wages to garnish, and I have no assets except a 9 year old car and an engagement ring. I bought the house before I married my husband.

    Thanks for everything!

  2. Melissap1

    Melissap1 New Member

    A judgement doesn't last forever. I've been able to get several off my husband's by disputing them. My step-dad had a forclosure before marrying my mother and I know he has credit cards now and has for years. I don't think it had to much effect on his credit since that was the only negative. So there is hope. Probably better than bk in your case(from what I've been reading.)

    Good luck
  3. Poochie

    Poochie New Member

    Thanks so much for the hope! I really appreciate it.

    You guys are the best!

  4. iambroke

    iambroke New Member

    It depends upon the states laws. Each one is different. Here in Florida I had a judgement against someone who hit my car. It is renewable every 20 yrs. Therefore it is possible to stay on there forever if the person (plaintiff) decides to renew it.
  5. Poochie

    Poochie New Member

    So does it show up on the report for each 20 year increment? Or the first 7 of every 20 year period? Will it go away if you pay it eventually? What if you move out of state?
  6. iambroke

    iambroke New Member

    It will not show up on your credit report unless it is placed there by the person who had the judgement and won. I know the guy who I got the judgement against doesn't show it on his credit report as I never put it there. I don't know if the courts do it either as when I filed I did not use a SS# so they don't have that.

    As for the time it's on your credit...I believe it stays for 7 yrs but it can be put back on there if it's not paid. Just like any other debt I would assume

    If you pay it then make sure you get a "satisfaction of judgement" showing proof it's paid.

    As for moving out of state how would that affect them applying the judgement to your credit report? It's your credit and doesn't go by the state where it was awarded.

    I'm not an attorney so I can't vouch for all this. You may want to ask an attorney as each states laws do differ.
  7. lbrown59

    lbrown59 New Member

    It will not show up on your credit report unless it is placed there by the person who had the judgement and won.
    iambroke |
    Judgments are reported from the courts not from the winner of the judgment.
    THE END ** *** ** LB 59

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