Closing on home in one week. Title co said i have two judgements that were not on credit report. What do i do
4 Answers from Attorneys
I would talk to an attorney about filing a motion to vacate the judgements. Call me to discuss anytime at 732/773/2768
Most often, if the judgments are not on your credit report but show up in the title search, they are either not against you or are old (any likely paid or, perhaps, were discharged in a bankruptcy but never removed). If they are not against you but someone with a similar name, at the closing you will be signing an "Affidavit of Title" and in it, among other things, you will be stating that the judgments on the title co's search are not against you.
If they are against you, then you need an attorney who can look at them. Sometimes, you may be able to place money in escrow to cover the amount of the judgment and still close. The title company will hold the money and agree to a period of time within which you must get them vacated or it will use your money to pay them off.
This is something that any good real estate attorney can handle for you.
If you bring me the title report and then talk to me about the judgments, I can very quickly tell you what your options are, and how to handle it.
Robert Davies, Esq.
201 820 3460
Initially, you may call the attorney for the judgment creditor or the judgment creditor itself (if no attorney is listed) to determine whether these judgments are against you or against someone with the same or similar name as you. If they are against you, you can generally negotiate a payoff that is less than what you owe. You will request that the creditor put this in writing and agree to satisfy the judgment of record (file a Warrant to Satisfy) that will remove the judgment from the record. If you are the seller of the property and this cannot be completed in time for closing, you may ask the title agency to hold a certain amount of the proceeds of the sale back from you until such time as you clear the judgments.
If you wish for me to handle this matter for you, please contact me at
Law Office of Tina Nielsen Amodeo, L.L.C. 609-617-5584.