Posted on: 06th Sep, 2009 08:55 am
Our house in Texas was foreclosed upon a year ago. We thought we made arrangements with our mortgage company to not make payments for 90 days. Not long after making our loan payment we were notified by an attorney that we were being foreclosed upon. We tried working with the law office but they didn't seem to know what they were doing. This all happened while we had money in the bank and were trying to make up the payments. (Full story is posted under "Other".)
Now we are finding that renting is going to cost us more than buying. We would like to buy another home but doubt we can get another mortgage. We don't mind having a higher interest rate. We have no credit card debt. The only debt we have is a car. My husbands credit score is 686 and mine is 570. (Ex's wife stole my identity.) I was not on the foreclosed home loan because of the theft of my identy. I also don't work. Is there any way anyone will give us mortgage?
Now we are finding that renting is going to cost us more than buying. We would like to buy another home but doubt we can get another mortgage. We don't mind having a higher interest rate. We have no credit card debt. The only debt we have is a car. My husbands credit score is 686 and mine is 570. (Ex's wife stole my identity.) I was not on the foreclosed home loan because of the theft of my identy. I also don't work. Is there any way anyone will give us mortgage?
"We thought we made arrangements with our mortgage company to not make payments for 90 days" Do you have anything in writing? if not, then you are out of luck
Hi racostew,
If you want to buy a new home, it will be difficult for you to qualify for a loan. Your husband has a 1 year old foreclosure on his credit report. He will have to wait at least for 2 years to get an FHA loan. To get a conventional loan, he has to wait for 3-4 years. Since you were not on the foreclosed home, you can apply for a loan. But the problem is that your score is not enough to get you a loan. In this market, you need to have a score of at least 620 to qualify for a home loan. I think you should wait for about 6 months and work on your credit. Once you have improved your scores and have enough income to qualify for a loan, you can start applying.
If you want to buy a new home, it will be difficult for you to qualify for a loan. Your husband has a 1 year old foreclosure on his credit report. He will have to wait at least for 2 years to get an FHA loan. To get a conventional loan, he has to wait for 3-4 years. Since you were not on the foreclosed home, you can apply for a loan. But the problem is that your score is not enough to get you a loan. In this market, you need to have a score of at least 620 to qualify for a home loan. I think you should wait for about 6 months and work on your credit. Once you have improved your scores and have enough income to qualify for a loan, you can start applying.
