Lender Approval with Great Credit and Judgement?
Hey there. I have a $12k judgment against me for property damage from an auto accident that my minor kid didn't have insurance for. I am trying to refinance a VA loan and want to know if I would be approved? I have 23 year job history, annual income $168k, FICO 810 and owned home for 12 years with no lates. Thanks ya'll by starkid_texas652349 from Dallas, Texas. May 18th 2018
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
The short answer is No.. If you have an outstanding judgement, then the judgement must be satisfied prior to a loan. This is because a judgement, once recorded, becomes a lien against any real property you own. It's like a forced 2nd mortgage... If you want to refinance, you have to get the 2nd mortgage to re subordinate.. but the holder of the judgement will never re subordinate.. Now it might be possible to do a cash out refinance and pay off the judgement with the proceeds.. but you would need to have sufficient equity and meet the Texas A-6 guidelines for cash out refinance transactions for that to work. Try contacting a local mortgage banker/broker.. and let them look at your profile.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893
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