Posted on: 20th Sep, 2011 04:50 pm
My soon to be husband has a foreclosure due to his past marriage of more than 4 years ago. He qualified for a modification, but his lawyer never adviced him to get his ex wife off of the debt. He even went through the trail period and finalization process but when they pulled the credit report on his ex.. she had federal and state tax liens! Now he has lost the house. He only has one small credit card and a motorcycle loan.
Is it impossible that his income can be considered on a new home purchase because of his recent foreclosure regardless of the circumstances? We are moving out to California soon due to a job transfer.
Is it impossible that his income can be considered on a new home purchase because of his recent foreclosure regardless of the circumstances? We are moving out to California soon due to a job transfer.
Hello soontobmarried :)
First of all, you need to talk to at least 3 mortgage companies BEFORE you start looking for houses. It's always better to have an idea of what you can afford. While it's fun to go look at million dollar homes, it will do nothing but frustrate you if you can't get a loan for even a quarter million dollar home. Yes, an agent can contact a mortgage company for you.
:idea:
First of all, you need to talk to at least 3 mortgage companies BEFORE you start looking for houses. It's always better to have an idea of what you can afford. While it's fun to go look at million dollar homes, it will do nothing but frustrate you if you can't get a loan for even a quarter million dollar home. Yes, an agent can contact a mortgage company for you.
:idea:
He will not be able to be on the loan(nor can you use his income) for 3yrs from the foreclosed date.
I think all you need is to request the revenue authorities to review your credit history and remove the restrictions on your husband so that he can make other transactions.As you have mentioned that he recently purchased a new house so he may have enough resources to finance any thing he wants.
revenue authorities?