Legal Question in Credit and Debt Law in New York

Judgement-Garnishment-Account Frozen-Collection

Trying to get rid of 2 judgements. Wondering if they are still valid and if I need to pay them. Would like to apply for a mortgage in 1 year. No other negative credit items except one small collection being paid off now. Judgement #1- registered on 12/3/98, filed again 12/9/98 & entered. Transcribed to county court 12/18/98. Received summons in mailbox. Never answered, Received notice judgement awarded to plaintiff. One savings account now frozen. Wondering about SOL and other options to avoid paying this. No longer on my credit report. Judgement #2- entered 7/12/2000, transcribed to county court 7/27/2000. Received summons in mailbox. Never answered, Received notice judgement awarded to plaintiff. Judgement still on credit report. Thoughts? Suggestions? Thanks.


Asked on 10/25/05, 8:14 pm

1 Answer from Attorneys
Robert R. Groezinger GroezingerLaw P.C.

Re: Judgement-Garnishment-Account Frozen-Collection

Personal judgments are good for 20 years.

Your lender will require these to be paid off either before the loan at out of the proceeds from the mortgage. If you donlt have the funds, ask for a higher loan value to pay them off or now, before the creditor knows of your mortgage interetss, see if you can't negotiate down the amount owed for a lump sum now at a lower value so it will be off your credit report.

Be certain to get and file a satisfaction of judgment in each place where it is recorded...you will need that many originals from the creditor.

Good Luck,

RRG

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Answered on 10/25/05, 9:52 pm


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