Advice Needed "Judgement" all opinions or comments welcome.

[Epoman]

Originally posted by: Vic

Originally posted by: notfred

Originally posted by: quakefiend420

Originally posted by: mcvickj
Well I am no credit expert but if you pay it off now won't it hurt your score because the account has been in delinquency for so long?

paying a debt can hurt your credit score? wtf

Old accounts affect your credit score less than active accounts. They aren't even counted into your credit score after 7-10 years. This account is 10+ years old, with no activity. As soon as he makes a payment, it becomes active again, and is counted as a brand new delinquent account.

Negative. This is not an account. This is a judgement, and shows up under the "Public Records" section of his credit report (along with bankruptcies and tax liens). Satisfying a judgement will not hurt your credit score.
You are thinking of collections. Sometimes paying off a very old collection can hurt your score. This is not a collection, this is a court-ordered judgement.

After all this time, I doubt that they would garnish your wages or tax refund. They could, but they would have to go back to the court to ask permission to do so, and that would cost them even more.
The loan officer you were talking to was correct though. You will not be able to buy a house until you pay this off. A $4k judgement is not something that mortgage lenders will ignore, regardless of how old it is. They will want proof of satisfaction.

How would I know if they went to court? would I be told or summoned? What if they did already? :shocked:

Another question is Why DON'T they go after me? it's been 10+ years, what do they have to lose.

 

[Vic]

Originally posted by: Epoman
How would I know if they went to court? would I be told or summoned? What if they did already? :shocked:

Another question is Why DON'T they go after me? it's been 10+ years, what do they have to lose.

I'm pretty sure you would be told if they attempted some form of garnishment, just like how you were informed (served) when they renewed it.

Why don't they just come and get you for it? Because old unpaid debts like yours have very low repayment rates. Other than that, I don't know. This isn't going to go away though...

 

[Epoman]

Originally posted by: Vic

Originally posted by: Epoman
How would I know if they went to court? would I be told or summoned? What if they did already? :shocked:

Another question is Why DON'T they go after me? it's been 10+ years, what do they have to lose.

I'm pretty sure you would be told if they attempted some form of garnishment, just like how you were informed (served) when they renewed it.

Why don't they just come and get you for it? Because old unpaid debts like yours have very low repayment rates. Other than that, I don't know. This isn't going to go away though...

Well lets hope so, I do plan to pay this, just not for another 8-10 months.