How to Get Rid of a Judgement Against You & Qualify for a Bad Credit Mortgage
A judgement is one of the most damaging things that can happen to your credit report. It has a long-lasting effect on your credit score and will damage your ability to procure more credit in the future. Judgements may arise from a lawsuit, divorce, or other possibilities. These judgements are public record and remain on your credit report for seven years. Luckily, with the help of a professional specializing in Bad Credit Mortgages, you may not have to wait the full 7 years in order to get a mortgage.
How to Handle the Judgement
If you wish to contest the judgement, or try and settle it for a lesser amount, it is usually very important that you hire a lawyer that specializes in this. A Bad Credit Mortgage Broker can refer you to someone.
Getting a Mortgage to Satisfy the Judgement
There are many lenders who understand that sometimes Judgements happen. Depending on the equity in your home, it may be possible to get money out of your home with a mortgage, and you can use those funds to pay off the judgement and carry on with life.
Here at Bad Credit Mortgage Broker, we not only help you with Bad Credit Mortgages, we help you put a plan in place to get a standard great rate mortgage, usually within a year or two. A bad credit mortgage is only a band-aid to fix the problem at hand, and the plan includes what we need to do to get your situation back to where you can get a regular mortgage with a great rate.
Although a judgement can hamper credit abilities, it is not the end. With the help of a professional, you can use Bad Credit Mortgages to get your life back on track. There may be other options as well, including a bankruptcy or consumer proposal, which can include most judgements and enforceable actions. Use the help of a reputable mortgage broker to access Bad Credit Mortgages.
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