Posted on: 19th Aug, 2011 05:07 pm
in california four years ago my husband lost his job and we lost two houses to foreclosure. one house had a $100,000 second mortgage and it has been charged off on my credit report.
is there any way that i could qualify for a new home loan even though i have a charge off? or will i need to declare bankruptcy to erase the $100,000 debt?
is there any way that i could qualify for a new home loan even though i have a charge off? or will i need to declare bankruptcy to erase the $100,000 debt?
HA, it's a shame that you get two responses quickly and they're both full of nonsense. That's why we have Moderators on here.
I believe that you'll have difficulty in persuading a lender to take a flyer on you, but "difficulty" doesn't mean denial necessarily.
If I were in your shoes, I'd seek out a local lender and see if you can work on a prequalification. Things have been atrocious in this market over the last few years, and we're seeing damaged credit all over creation.
That it was 4 years ago is in your favor, and that it was a second mortgage which, presumably, was in excess of your home value, ought to also be in your favor.
That being said, you won't know for certain until you seek out a professional who can review the credit record with you and take into account what took place then.
Your credit stance in the last 4 years will have a big impact on how they view you, of course. If you have reestablished favorable credit, then you will stand a better opportunity.
I believe that you'll have difficulty in persuading a lender to take a flyer on you, but "difficulty" doesn't mean denial necessarily.
If I were in your shoes, I'd seek out a local lender and see if you can work on a prequalification. Things have been atrocious in this market over the last few years, and we're seeing damaged credit all over creation.
That it was 4 years ago is in your favor, and that it was a second mortgage which, presumably, was in excess of your home value, ought to also be in your favor.
That being said, you won't know for certain until you seek out a professional who can review the credit record with you and take into account what took place then.
Your credit stance in the last 4 years will have a big impact on how they view you, of course. If you have reestablished favorable credit, then you will stand a better opportunity.