If Judgement was placed on a joint account and it is paid by 1 of the account holders will it come off of both

Question

My husband and I recently divorced and he said he would be responsible for it (a vehicle we had in the marriage that was his-he drove it -I didn't have a license at the time). Even if I had the judge sign it off in the Divorce decree, I still would have been held legally liable. He has not begun to pay(adding up interest) and I want to buy a house for my kids. I am willing to pay it off in my mortgage loan but if I do will the paid status reflect on his credit report as well??? If so, what can I do about it?? We live in different states and neither of us live in the state the judgement was originally made. Should I wait 3-4 more years to see if it will roll off my credit??? Am I just screwed on that deal??? Damned if I do, Damed if I don't????

Answer 1

you may get by by submitting the divorce agreement with the loan package and some lenders will over look it but the reason many will not is once you buy a home and there is an open judgment a lien could attach to the home making it difficult to refinance or sell in the future

I am a mortgage banker in TN & KY

Answer 2

You have independent credit records so it may or may not fall off at the same time. Credit bureaus don't always make sure that the info comes off, but you can. If it is part of the divorce settlement agreement, send a copy of it to the credit bureau and they'll have to take it off....simply for legal reasons the judge said it's not your problem...sweeeeet!

Answer 3

Spifiman is correct about your divorce decree, it means nothing to your lender and they are not bound by it.

I have been in the legal field for several years and believe me your still responsible for the debt.

Answer 4

Judgments are considered public records and will show for 7-years or until the statute of limitations runs out whichever is longer weather paid or not.

If you pay this it will show as paid on your credit and your ex-husbands, nothing you can do about that.

As far as your divorce decree goes, it means nothing to the lender and they are not bound by it legally. The only thing they are good for is dragging your ex back to small claims court if he violates the decree.

Depending on how old this judgment is and the fact that you do not live in the State it was issued in, you might want to think about simply waiting it out. Judgments can be renewed but they would have to find you first to do that.