Can I get a mortgage with 120 day late

[josgry]

My Middle score is a 647 and I have 10% for a down.  My debt to income is currently 11% and with the mortgage amount I'm looking for would make it 35% (including all revolving and other loans).  I have solid work history as I have been employeed at the same job for 12 years.

I have two problems, one that my lease is up on April 1 and I have a 120 day late mortgage payment from July 2011.  I've read about a 3 year rule from the last 120 late.  I've also see the new standards for FHA is only 2 years if you can document a 20% loss of income for 6 months during the time that you were late, which I wouldn't be able to obtain the documentation as my ex wife is unwilling to provide me with her pay info from that time period.  I've already looked into tax returns but it only shows a 10% reduction in pay because it was only temporary for us.  

The second problem is the divorce, she kept the previous house and the note on it, however it still shows on my credit report.  The divorce decree is finalized and shows that she is responsible for this loan however if I include this payment it puts my current DTI at 38% and above 50% if I get a home loan.

My question is, will I be able to get a loan or will either or both of these issues prevent me from doing so?

[tooleman694]

Never heard of anything like this before, I would think as long as you didnt forclose or have a shortsell I think you would be ok.

[josgry]

What I was told previously by a mortgage broker, who spoke with an underwritter, was a 120 day late is considered Pre-Forclosure, which they would enact the same guidelines as a forclosure.  This is where I'm getting the 3 year rule from.  If anyone has experience with this it would be helpful.

[BrianB_The_Loan_Professor]

This is correct - while you are waiting for the three years I would work on the ex to get your name off of the current loan

unless she sooperates getting a new loan may be tricky - 

Good Luck

Brian

[Walt_K]

I went through the same thing and ended up just waiting it out.  There are couple threads on here though where people claimed to have found lenders that were able to work around it.  I can't remember the exact threads, but if you run some searches on 120 day lates and getting a mortgage, you might be able to locate the threads.