HELP.... will we ever be able to get a house.

[Anonymous]

I need help. We recently dismissed our Chapter 13 BK because we can pay off the debt ourselves for less money and a lot quicker. We filed a Chapter 7 in 2005. We have had foreclosures and car repo's. Most of this is a result of a job loss (severe injury) and dealing with a shady real estate agent who was "assuming" our mortgage.

I am paying everything off, I have got a secured credit card. Our mid scores are quickly approaching where they need to be. We can easily have 10% down and dh makes about 180k/ year. 

When all of our bad stuff happened dh was not making this kind of money. 

Will we ever be able to get  a house again. None of the foreclosures are in my name, but I also don't have his income.

[Anonymous]

need alot more info

what is your income?

what debts are in your name?Monthyl payments on them?

What is your income?

How much are you looking to spend?

When was the actual foreclosure and repos?

Is the BK fully dishcharged now and all debts PIF?

What are your current FICO scores?

Is your income (and hubby's ) w2, 1099, self employed?

[Anonymous]

what debts are in your name?Monthyl payments on them?

What is your income? I don't have income just my dh sorry I should of made that clear.

How much are you looking to spend? We plan on staying just under the FHA guidline which here is 271k (We obviously will consider spending less, but not more)

When was the actual foreclosure and repos? Repos were early 2008 and foreclosure was 12/10/2008

Is the BK fully dishcharged now and all debts PIF? The BK was voluntarily dismissed by us and that is officially over with but will still show on credit report. Start of that was Sept '09 dismissed before confirmation on 1/10.Besides a secured credit card we have no debt.

What are your current FICO scores?Dh's FICO are 600, 620, 634 but I am hoping that will increase as some of the debts update.

Is your income (and hubby's ) w2, 1099, self employed? I have 0 income and dh is about 150k-200k and that is a w-2

[Anonymous]

Also just adding that secured credit card we do use, but we do not keep a balance on it. I pay it off usually as soon as the $$ post on the card online. We do pay a car loan that is in my mothers name so while we can show cancelled checks for the last 2 years it does not reflect on our credit report. We are currenly renting and have a good history with them paying 3 mos. ahead every well 3 mos.

[Anonymous]

is the 12/08 foreclosure date when you turned it over or when the home was re-sold and the item closed on your credit report.  It is the actual date the bank transfers the property to another individual that starts the waiting period (there is a phrase for this but it is escaping me right now).  From that date, it will be 3 years more than likely before he can apply for an FHA loan.

[Anonymous]

The 12/10/2008 is the sherriff sale date of the property. We defaulted on the mortgage in 08/07 and foreclosure proceedings started 01/08.

Is there anyone out there that will do 2 years instead of 3? We might just do a lease option then. We have very few rental options since we are a family of 8.

[Anonymous]

you can call a broker and find out.  It does sound like you have some extenuating circumstances so it woudl totally depend on the UW/lender.

Leasing options are generally not good, especially in this market.  Too many houses are put up for lease options becuase they can not sell at the price that they are listing for.  This means that at the end of the lease option the house often does not sell for what the lease option is.  Also, if it is a rent to own where a certain amount goes towards down payment, keep in mind that the contract you sign with the owner means nothing as far as credits go.  The UW will determine what market rent on the property would have been and you will only get credit for the amount that you pay over market rent.  So it makes no sense to pay extra for a deal that may or may not go through.  Unless you find a lender, your best bet is to rent for another year and then go from there.