I am trying to purchase my first home but a judgment against me is holding me back. The judgment has more than doubled. It's about to fall off in about five months. I can't afford to settle for the amount they are asking and they won't accept the amount I'm offering. What should I do? Do I have any other options in order to close on a home with this outstanding? I live in Ohio.
I do not have any secret options to reveal to you. If the creditor has a judgment filed against you the judgment-creditor is not required to negotiate with you. However, negotiation is a process and just because you have spoken to a judgment-creditor once or twice and got no where does not mean the judgment-creditor will never alter its position.
I have two recommendations for you. First, do not reveal to the judgment-creditor that you are trying to reach an accord with them because you are trying to buy a house. By telling the judgment-creditor this information you give them instant leverage.
Second, read the following tips and techniques for successful debt negotiation. I think the key lesson here is persistence.
You can either hire a debt negotiation service to represent you to your creditors, or you can contact them on your own. If you want to try a do-it-yourself negotiation, follow this advice:
If you are not comfortable negotiating with your creditors or do not achieve a settlement, you can hire a credit counseling or debt settlement service. For a fee, they will negotiate for either a low lump-sum payment or a small number of monthly payments toward a reduced balance at a significantly reduced interest rate.
Although it might seem odd to pay a fee to save money, experienced debt negotiators will save you far more than the cost of their fee. They know which creditors are willing to negotiate and how much of a settlement they will accept. Due to their network of relationships, they can settle debts you could not on your own.
Whether you negotiate on your own or hire a debt negotiation service, keep the following things in mind:
Negotiating debt is difficult and many people, but it can be done.
For a no-cost quote from pre-screened service providers, visit the Bills.com debt settlement savings center.
I hope this information helps you Find. Learn & Save.