Mortgage after Car Repo?

[Anonymous]

Is it possible to qualify for a mortgage with a 1 year old car repossession. The original creditor Capital One has reported as a closed collection. The car was an absolute lemon and I could not keep up the super high monthly payments. It is long gone.

Will this prevent me from qualifying for a mortgage? The balance is $14,000. I can't afford to pay this, I'm a one income, single parent.

Credit scores are now currently in the 560's-570's. I am continuing to work on that. I was in the 410's about 18 months ago so I'm chipping at it little by little .....

[Anonymous]

Bump. Also curious about this.

[Anonymous]

Moved to Mortgage forum for better visibility

[ucdcrew]

If it is 1 year old, and the balance is $14,000 dollars, you can (and probably will be) sued for that balance until the statute of limitations for your state runs out on that, unless you're in a payment plan and don't default.  I'll let the loan officers on the board speak to loan approval though.  TTT