Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Mortgage
Profile Image

Question By
Indian9934

0 Contributions
0 People Helped
Have two judgments (public records)
Hello-

This site has been great and so far my score is up around 50 points getting some baddies off the CR. Problem is I am now dealing with two court judgement I need to clear up to get a mortgage.

One is a student loan which is marked in court records as CLOSED. There is an outstanding balance through the court website of 80.00 owed. This is for an old student loan in excess of $6,000 and they took my state tax return the past few years.

My question is since this judgement is marked as CLOSED does it affect a mortgage application negatively as an open judgement would. I assume that since the university closed the matter since it is past the SOL (10 year old account).

Would I have to pay this closed account off before applying for a USDA loan?

Thank you!

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
7344 Contributions
3805 People Helped

Sorry, but there is absolutely no SOL on student loans.  They remain collectable until fully paid no matter how long that takes. 

The account was closed toi prevent any further additions to the student loan balance.

Top Contributor
935 Contributions
131 People Helped

If there is a balance on the the court judgements, you will want to have them paid.    The mortgage firm will want validation that the amounts are paid.   They can overlook the judgement, however, they won't overlook any which are unpaid.   Only the mortgage firm themselves will know how they will take the judgements into account.   They will remain on your credit report for 7 years from the date that the initial judgement was filed.   You indicated a Statute of Limitations, however, be aware that there is no Statute on Student Loans, Taxes or Child Support. 

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.