Can I buy a home with cash if I have a judgement against me?

Can I buy a home with cash if I have a judgement against me?

Postby wesley » Mon Mar 07, 2011 3:55 pm

I put in a full cash offer on a house but now am a little nervous because I have an old judgement against me from a hospital bill. Will this hurt my chase of getting this home? Will it be an issue or will anybody even know? I was never asked for my social just my drivers license number. Thank you for any help!
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Can I buy a home with cash if I have a judgement against me?

Postby dyllon » Mon Mar 07, 2011 3:57 pm

who knows
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Can I buy a home with cash if I have a judgement against me?

Postby frasco » Mon Mar 07, 2011 3:58 pm

No, a cash offer means you don't have to worry about credit, etc. However, the holder of the judgment can come back and ask the court to put a lien against you new house so that you can't sell the house without paying the judgment.
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Can I buy a home with cash if I have a judgement against me?

Postby connlaoi » Mon Mar 07, 2011 4:00 pm

If you have the money to pay cash for a house why do you not pay the bills you owe?
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Can I buy a home with cash if I have a judgement against me?

Postby emrys13 » Mon Mar 07, 2011 4:02 pm

If you are paying cash there is nothing this collection agency can do.
They don't want your house, they will just tap into your checking, savings, or garnish your wages.
Those are much easier ways for them to get their money...
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Can I buy a home with cash if I have a judgement against me?

Postby trumble61 » Mon Mar 07, 2011 4:03 pm

I doubt if it will be an issue. Show your purchase contract to a Real Estate agent, as they are trained to read contracts and have the experience.
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Can I buy a home with cash if I have a judgement against me?

Postby jean » Mon Mar 07, 2011 4:06 pm

I doubt if it will be an issue. Show your purchase contract to a Real Estate agent, as they are trained to read contracts and have the experience.
Of course you can. The judgment only affects your eligibility for a loan. Cash is always king.
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Can I buy a home with cash if I have a judgement against me?

Postby qiang » Mon Mar 07, 2011 4:08 pm

I doubt if it will be an issue. Show your purchase contract to a Real Estate agent, as they are trained to read contracts and have the experience.
Of course you can. The judgment only affects your eligibility for a loan. Cash is always king.
You should consult an attorney in your state about the perils of this judgment, but generally speaking this is something that you should be concerned about. Judgments are usually good for 20 years and then they can be renewed upon proper application to the court. If you don't plan on settling this judgment, then you should obtain expert legal advice on how you should take legal title to the home.

I can practically guarantee that this judgment will become an issue if an attorney for the hospital becomes aware of your ownership of a home in which the percentage of your equity equals 100%.

Good luck, and please consult a competent real estate attorney at the bare minimum.
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Can I buy a home with cash if I have a judgement against me?

Postby gus » Mon Mar 07, 2011 4:09 pm

Sellers don't check credit, lenders do. No lender, no check.
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Can I buy a home with cash if I have a judgement against me?

Postby dick100 » Mon Mar 07, 2011 4:11 pm

No, it will not matter.

However once you do a lien will attach for the property for the money you owe.
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