hi i have a couple old judgements that will fall off my credit report in a year or so (they are ~ 6 yrs old now) now of course i happen to have found a house im seriously considering buying (its one im renting now). in order to get an FHA loan, these will have to be paid off. of course, i could try to wait it out, but im curious, if i wanted to pay them off, what kindof discount is possible (If i got a lawyer or whatever) the judgemnts are 8K for capital one, and 4K for an old landlord. i mean if i can pay XX% of it and get rid of it, it might be worth it. other factors. i live in florida which is a judgement safe state (the judgements are from another state).. basically, in order for them to get their money, they would have to re-sue me again down here, so basically they cant touch anything anyway. any thoughts on how to proceed?
How long have you lived in Florida? How long until judgments expire in your former state(s) of residence? Can you lease-option the home until your reports are clean enough that some program (maybe not FHA) will take you? Have you tried disputing off the judgments? You need a mortgage broker with lots of experience writing B/C paper and it's possible some savvy moves would avoid having to go back and touch these. I know someone who just bought a home in Florida with run-of-the-mill financing who had an old, unexpired judgment against them in the six figures. It never even came up in the vetting process.
