Posted on: 07th Jul, 2011 02:07 pm
due to financial difficulty stopped making payments on our 58k second mortgage, continued making payments on 1st. got back on a repyament plan with the bank a month ago. the 2nd is listed as a "foreclosure" on credit report dated 9/14/2007. but i still own the property
will i qualify for an fha mortgage if looking to rent out current and buy another home
will i qualify for an fha mortgage if looking to rent out current and buy another home
No, sorry. You are going to have the mortgage late payments reporting on your credit and the foreclosure/charge off of the second loan. You would have to wait at least 3 years before you could finance again.
Hi jmorel,
You won't be able to get a new mortgage now. You should contact your second mortgage lender and try to rectify the status of the account in your credit report. You should also contact the second lender and try to set up a payment plan which will help you in paying off the debts.
You won't be able to get a new mortgage now. You should contact your second mortgage lender and try to rectify the status of the account in your credit report. You should also contact the second lender and try to set up a payment plan which will help you in paying off the debts.
