Want to settle old Judgement

[sscrip]

Yes there are currentlt two mortgages on the property, the combined total is still less than it would cost me to rent an apartment. I want to refi to combine them as a matter of convenience. My name is not currently on either but I have been paying both for some time now. I have paid no appraisal fees or inspections, so there would not be a cost to me to walk away from the loan. yet!

 

[sscrip]

there are currently 2 mortgages on the house. combined they are less than what I would pay for an apartment. I wanted to refi as a matter of convenience to combine them. Yes it would also lower the ammount of interest I pay. Neither mortgage is in my name. I just want to do what is in my best interest. I do not know that the mortgage company would negotiate a settlement for me, but instead just pay whatever the creditor asks. I think I could get a better deal if I negotiate on my own. Wouldn't the original creditor be able to pull my credit report and see that their was a refi inquirey? I know that if they are aware of this they may push for the full amount. I am quite certain the mortgage company would rather pay the full amount. So I would like to put a cap in place.

 

[adjusterjack]

there are currently 2 mortgages on the house. combined they are less than what I would pay for an apartment. I wanted to refi as a matter of convenience to combine them. Yes it would also lower the ammount of interest I pay. Neither mortgage is in my name. I just want to do what is in my best interest.

Understood. But have you run the numbers? I digress for a moment but my pet peeves about refinancing are

1 - that you pay points and origination fees that could range from 3% to 4% of the amount of the loan and that gets added to the loan so you are actually borrowing more than you are borrowing unless you want to pay that amount up front.

2 - You start a new payout period from scratch (15 or 30 years) so even if the interest rate is lower you pay for a longer period of time so the savings might be illusory.

If you haven't done so, I suggest you plug the two existing loans into this amortization schedule and compare the results to the cost of the potential refinance. Then decide.

http://www.bretwhissel.net/amortization/amortize.html

I do not know that the mortgage company would negotiate a settlement for me,

You can ask but I doubt it. I don't think anybody there will have the qualifications or the inclination to represent you in discussions with the judgment creditor.

I think I could get a better deal if I negotiate on my own.

I think so, too.

Wouldn't the original creditor be able to pull my credit report and see that their was a refi inquirey? I know that if they are aware of this they may push for the full amount.

That's certainly possible.

 

[sscrip]

Thank you. You have been very helpful. You are correct. If I cannot negotiate a settlement the loan will not be worth it for me.

 

[sscrip]

Superior court only had the copy of the judgement so I called the Justice court, who said the case has been purged, they no longer have the case files. The lady spoke with on the phone said if it had been renewed then they would still have it on file. I reported back to this thread as instructed by Justalayman. I am open to any pearls of wisdom before I try to contact the creditor. I would like to negotiate a settlement. Anything I should or should not say? Do I contact the original creditor or the lawyer who filed suit?

 

[adjusterjack]

If it was me, the first thing I'd do is file a dispute with all three credit bureaus based on the expiration and nonrenewal of the judgment, get it off your credit reports, wait a couple of months for the dust to clear (maybe accompanied by an increase in your credit score), and then re-apply for the mortgage.

 

[sscrip]

The judgement is not on my credit report and my median score is 774. The loan is currently under review. They will likely still want it satisfied. Thanks for your quick response.

 

[adjusterjack]

The judgement is not on my credit report and my median score is 774.

Good.

The loan is currently under review. They will likely still want it satisfied.

Probably.

It's the golden rule. The man with the gold makes the rules. If you want their money you do what they want. It's up to you.

In answer to your earlier question, you can call the original creditor but I suspect the original creditor will just refer you to the lawyer but I guess it's worth a try.

Good luck.

 

[sscrip]

So I gathered my courage and I called the law office that is on the judgement. No one answered so I guess I was calling after hours, but the name of the law office at that number is not the same as the one that got the judgement. Do i call again during hours and try to find out if they can negotiate a settlement? How likely is it that they will know anything about my case? It is a debt collection law office.

 

[adjusterjack]

There should be a lawyer's name on the judgment (or in the case file), not just the name of a firm.

Call during business hours and provide the details from the judgment and ask for that lawyer or for any lawyer currently handling it.

Make sure you get full names of whoever you talk to along with fax numbers and email addresses so your communications can be in writing for proper record keeping.

 

[sscrip]

Thank you.