Life after a Default Judgement

[KMedrano]

What is the name of your state (only U.S. law)?

I live in North Carolina.

Up until 2 years ago, I had excellent credit. Soon after my job cut my hours, I began to fall behind on my bills and did something that no one should ever do- use my credit card to keep up. When my minimum monthly payments increased by $100, I stopped paying I joined a debt settlement program, which I thought (in ignorance) would help me. It didn't.

Throughout the course of the year, several collectors went after me, and finally my debt ended up in the hands of a law firm and I was eventually served with judgement papers (Jan 2009) Now, I know I should have written a answer/response/defense and appeared in court to try to settle an amount or prolong the judgement (because I knew I would have the funds after tax refund time/after my wedding in three months-April 2009). I didn't, like an ignorant fool, and a default judgement was rendered in my absence (although I read on similar cases, the court usually sends a notice right before a judgement is rendered- is this true?)

In April of this year, I paid 70% of the debt and since then have been paying every month on the debt to the law firm. I plan to pay the debt, because that is what I owe. No questions on that.

This is my question: What will my life be like now that it is on my credit report? I want to refinance my house in two years. Will I be able to?

If someone could honestly (based on your personal experience or that of a client) answer this question I will greatly appreciate it. If you do not think I can, should I try to get the judgement reversed?

[debtcollector`]

When you have completed paying the judgment off, the creditor will file a satisfaction of judgment. It will remain on your credit report.

DC

[dfromnyli]

my girlfriend had a medical judgment against her, paid off the balance in full in exchange for a stipulation to vacate the judgment which expunged it from her record. you never know, the firm I work for will accept doing this almost every single time if the debtor just asks, but no one knows that this is a possibility and just has a satisfied judgment remain on their credit report for 7 years.