I have recently been sued successfully for $10000 and a judgement was filed against me. They are threatening to garnish my wages for 25% - which I desperately cannot afford - or even worse, freeze my bank account. I offered to pay $100/month until I can come up with more money, but they refused. My question is can I take out a home equity loan to pay the judgement or will they deny me because of the judgement? I have about $20000 in equity in my home. Any help is most appreciated.
It probably depends on the lender. Why don't you try a credit union, where they will actually TALK to you in most cases. Be up front and tell them why you want the money. Offer to let them write the check to whoever has the judgment, so they know it's paid.
My question is can I take out a home equity loan to pay the judgement or will they deny me because of the judgement? I have about $20000 in equity in my home. Any help is most appreciated. jen4571 ============ You just described perfectly one of the reasons why equity in a home isn't all it's cracked up to be.
