Posted on: 21st Feb, 2011 04:42 pm
Hello. I have a judgement against me for a truck that my ex-wife had repoed about 3 years ago. They took both of us to court and I ended up having to have a garnishment of wages because she does not work and did not take care of her responsibilities. I have been paying on this for two years now. I think I owe around 8500-9000 on it. My question, is it possible to get an FHA loan to buy a house with this on my credit? Other than this I have excellent credit and my debt to income ratio is low. Is there anyway around this so that I can buy a new house?
doubtful - that is a very large amount
So, there is no way that I can get around this at all?
It is unlikely - unless you were divorced and showed court docs stating it was her responsibility? That or if the statute of limitations has passed on them collecting it - otherwise the banks would hesitate because they could potentially create a lien on your home which could place the lender in a lower position (lien would have to be paid before mortgage)
and I have not seen an Underwriter approve anything with this large an amount in years. Most are just requiring all collections to be paid these days.
B
and I have not seen an Underwriter approve anything with this large an amount in years. Most are just requiring all collections to be paid these days.
B
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