Legal Question in Credit and Debt Law in New York
Judgement effects
Can a judgement on a credit report prevent my loan from closing...since I will be refinancing for a fixed rate again, in the next year?
Asked on 1/30/04, 1:23 am
2 Answers from Attorneys
Robert R. Groezinger
GroezingerLaw P.C.
Re: Judgement effects
You bet. Get it taken care of....settle for partial payments are try a reduced lumo sum...make certain to get a satisfaction of judgment in "recordable form" to deal with it..or pay it off at closing.
Answered on 1/30/04, 6:53 am
Guy Lewit
Guy Mitchell Lewit, Esq.
Re: Judgement effects
My colleague is right on point. A loan is given by agreement, you don't have an absolute right to demand one. If your credit report has negative information (especially a judgment which is a LIEN on your property) you can expect the lending institution to DENY your application...unless you agree to resolve the judgment on or before the closing.
Answered on 1/30/04, 1:54 pm
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