Sunday, February 21, 2010

Can a title company clear off a paid judgement off my credit record before a home closing on May 23rd?

Judgement is paid and the lender said that they are contacting the title company to clear it from my record. There is less than 2 weeks to my closing can they do it in time?Can a title company clear off a paid judgement off my credit record before a home closing on May 23rd?
Yes they can do it really fast. All they have to do is send


the info over to the title companies underwriter it will be removed if they have the proper documentation, which I'm sure they do if you are showing it paid.


I bet the judgment is showing up on the title company's title search. I see a lot of people commenting about credit reports on here, they may be confused. Title company runs a search on the property and on the borrower to make sure no judgments or liens will affect the property.


I'm a mortgage processor and I was doing a loan for my parents then had a judgment showing up on the title search, I had proof it was paid and in like 2 days it was cleared up.


I think you'll be fine!Can a title company clear off a paid judgement off my credit record before a home closing on May 23rd?
Any judgment that is on a title report the title company can clear up if they have proof that the lien or judgment was paid in full.





If they have the correct proof it only take a communication to the lender that this judgment has been cleared and will no longer be recorded. This might take as little time as one hour or a day or two.





The lender's concern is if there is another lien or judgment ahead of their mortgage, it will be recorded in a second position and they can not allow this





If this is the case when the transaction closes the paid off judgment will no longer be listed on this title report.





You might want to keep a copy of this paid off judgment in your personal files for future use if needed.





I hope this has been of some use to you, good luck.
Does the judgment show as paid? Then there is nothing the title company can do. Judgments stay on your credit report 10 years, even if they are paid.





Title companies usually just work on the property deed. Could your lender mean that there is a lien on the property? That would make more sense than the title company clearing something from your credit report.
A title company only insures real estate property titles. A title company cannot clear anything off a person's credit report.

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