Mortgage Loan with an Unsatisfied Judgment
I get at least one call per day from mortgage loan applicants who have been turned down for a mortgage loan because they have an unsatisfied judgment or an unpaid collection, or multiple unpaid collections. Many mortgage brokers do not have correspondence lenders that will grant a mortgage approval if the applicant has an unsatisfied judgment unless the judgment is paid off. They will also not approve any mortgage loans to folks who have an unpaid collection accounts until the collections have been paid in full. I am a Correspondence Lender licensed in Illinois and Florida and specialize in helping borrowers with prior bad credit which includes borrowers who had prior bankruptcies, foreclosures, collections, tax liens, charge offs, and judgments. I feel everyone deserves a second chance and there are times when folks had a rough patch in their lives like unemployment, loss of business, death in the family, medical issues, and divorce which hurt them financially and having their credit damage was the result of it. I know it first hand because I lost everything I had worked so hard for during the real estate and credit crash of 2008.
Getting a mortgage loan with an unsatisfied judgment
I can help folks with unsatisfied judgments. Judgments is probably the worst credit item that is most frowned upon by a mortgage lender. The majority of the lenders will lend without any problems to folks who filed bankruptcy, and had a previous foreclosure as long as the waiting time of 2 and 3 years, respectively, has passed. However, they will not make any exceptions for those who had a judgment until the judgment has been fully paid. Fortunately, I have a few select correspondence lenders who will lend to mortgage loan borrowers with unsatisfied judgments only under the following conditions. The judgment debtor ( the mortgage loan borrower ) has entered into a payment agreement with the judgment creditor. The payment plan can be as little as $20.00 per month or higher and the lender wants to see a minimum of 3 to 6 months of timely payments before they will extend a mortgage approval. If a mortgage loan applicant were to call me and tell me that they have an unsatisfied judgment, my advise would be to enter into a payment plan with the judgment creditor as soon as possible. While this payment agreement is being satisfied, I would be working with the mortgage applicant in cleaning up their credit report and helping them increase their credit scores.
If you have an unsatisfied judgment or open collections and want to qualify for a mortgage loan in Illinois or Florida, please contact me at www.gustancho.com so we can get the mortgage application process rolling today.
Gustan Cho, NMLS ID 873293