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Regular Contributor
Posts: 149
Registered: ‎04-29-2012
0

How soon after auto repossession can I qualify for a mortgage?

I had a joint auto loan with my ex-wife. Our divorce decree stated that she would keep the vehicle and pay the note. She ended up getting the vehicle repossessed. I know the loan is still my responsibility on paper so it's on my credit now. The DOFD was August 2010, the repo was in October 2010. Assuming my credit score is high enough, is there a set time past the repo I would have to wait to qualify for a mortgage?
Senior Contributor
Posts: 3,889
Registered: ‎05-24-2011
0

Re: How soon after auto repossession can I qualify for a mortgage?

IMO, the issue is if its paid or not.  If it isn't, they will likely require it to be paid since you could be sued.  If it is paid then I think you are okay to move forward, as long as everything else qualifies you (DTI, work history, income etc).

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Regular Contributor
Posts: 149
Registered: ‎04-29-2012
0

Re: How soon after auto repossession can I qualify for a mortgage?

It reports as a charge-off but shows a zero balance. I've been at my job for 3 years and the one before that was 9 years. My gross income is $12k a month with about $1600 a month for 2 auto loans, 2 installment loans and student loans.
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