logo

Debtconsolidationcare.com - the USA consumer forum

judements over 10 years old

Date: Tue, 04/21/2009 - 07:33

Submitted by anonymous
on Tue, 04/21/2009 - 07:33

Posts: 202330 Credits: [Donate]

Total Replies: 12


If you have a judgement from 1995, do you still have to pay it since it does not show up on the credit report?
Can you still negotiate the amount they say i owe?


I believe that once a judgment has been awarded you have to pay it. I'm not aware of any SOL on Judgements.

Yes, you can negotiate the amount you owe. I'm a loan officer and many times a judgement will show up as a lien on title. If the client doesn't have enough equity I can usually get them to take a lesser amount. After all, if it's that old, it's better to take some then to never get paid.


lrhall41

Submitted by sassy_lil_brandy on Tue, 04/21/2009 - 07:39

( Posts: 479 | Credits: )


I just spoke with the attorney at a title company that I deal with. Heres the thing, they have a certain amount of time that they can collect on the judgement. After that, they have to have the judgement renewed. If they fail to have it renewed after the time frame, then they cannot collect on it. The time frame allowed and the amount of times they can be renewed depends on the state that you are in.

What state are you in and I can get you that info?


lrhall41

Submitted by sassy_lil_brandy on Tue, 04/21/2009 - 07:43

( Posts: 479 | Credits: )


Yep...According to the attorney at the title company. I have had circumstances where an old judgement will show up on title and the person is refinancing. The title company will verify that it as been renewed, if the judgement was not renewed, the will then file an avoidance of lien and have the item removed.


lrhall41

Submitted by sassy_lil_brandy on Tue, 04/21/2009 - 08:02

( Posts: 479 | Credits: )


Depending on what state you live in, once a judgment has been entered into the circuit court, it has a 5 to 20 year life span and can be re-entered at the discretion of the creditor. If you plan on buying, selling or refinancing real estate, you must pay it off, no matter what, if it is still valid. It will affect your credit score for 7 to 10 years but once that expires, it is still enforceable on the court level.


lrhall41

Submitted by on Wed, 04/22/2009 - 17:46

( Posts: | Credits: )