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What does a Satisfaction Release of Judgment mean for my credit report?

What does a Satisfaction Release of Judgment mean for my credit report?

Full question:

I received a "Satisfaction Release of Judgment." It says "It is hereby ordered that in accordance with 735 ILCS 5/12-183 the judgment heretofore entered by the court in the above entitled matter is hereby vacated and held for naught." What does this mean? Will the judgment be removed from my credit report?

Category: Debts and Credit
Date: 04/07/2025
State: Illinois

Answer:

A "Satisfaction Release of Judgment" indicates that a court has vacated your judgment, meaning it is no longer valid. According to Illinois law (735 ILCS 5/12-183), if a judgment creditor has received full payment, they must release the judgment upon request. If the judgment was incorrect or has been satisfied, you can request its removal from your credit report.

For a judgment to be officially released, it must be documented in writing and recorded with the court. The court will then update its records to reflect this change. Once the judgment is vacated, it should not appear on your credit report, but you may need to follow up with credit reporting agencies to ensure it is removed.

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

What is the 5 year statute of limitations in Illinois?

In Illinois, the statute of limitations for most civil actions is five years. This includes actions for breach of contract and personal injury claims. However, specific types of claims may have different time limits. For example, actions related to fraud must be filed within two years. It's important to be aware of these time frames to ensure your legal rights are protected. *Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.*

What is the redemption period for mortgage foreclosure in Illinois?

In Illinois, the redemption period for a mortgage foreclosure is typically 7 months from the date of the judgment of foreclosure. However, if the property is abandoned, the redemption period may be shortened to 3 months. During this time, the homeowner can pay off the amount owed to reclaim their property. It's crucial to act quickly if you wish to redeem your home. *Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.*

What is the statute of limitations on mortgage foreclosure in Illinois?

In Illinois, the statute of limitations for filing a mortgage foreclosure is generally 5 years from the date of default on the mortgage. If the lender does not initiate foreclosure proceedings within this time frame, they may lose the right to foreclose on the property. It's essential for both borrowers and lenders to be aware of this timeline to protect their interests. *Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.*

What does satisfaction of judgment filed mean?

A satisfaction of judgment filed means that the debt associated with a court judgment has been paid in full or otherwise resolved. This document is filed with the court to officially indicate that the judgment is no longer enforceable. Once filed, it can help clear the debtor's credit report, as it shows that the judgment has been satisfied. It's important to ensure that this document is properly recorded to update your legal standing. *Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.*

How long does pre-foreclosure last in Illinois?

Pre-foreclosure in Illinois typically lasts until the lender files a foreclosure lawsuit, which can happen after a borrower defaults on their mortgage payments. This period can vary but often lasts several months, during which the borrower may be able to negotiate with the lender or seek alternatives to foreclosure. Understanding this timeframe is crucial for homeowners facing financial difficulties. *Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.*

What is a 1401 petition in Illinois?

A 1401 petition in Illinois refers to a request filed under 735 ILCS 5/2-1401, which allows a party to seek relief from a final judgment after the time for appeal has expired. This petition can be used to challenge a judgment based on new evidence or other valid reasons. It must be filed within two years of the judgment. If granted, it can lead to a new trial or a modification of the original judgment. *Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.*