Hello, first I would like to thank all the people who contribute to this board. I have learned so many helpful things reading these forums daily. Ok, my question, how does past repossessions play into mortgage approvals?
Details:
Current Scores: 604,598,612.
I am looking to sell my manufactured home within the next year, making around 10,000 after sale. I figure I will take about $2000 and pay off old collections(medical) That leaves $8000 to use for a down payment and closing costs. Looking for around $80,000 home. The four collections will show paid which brings me to my 4 year old repo. Shows unpaid at $6500, but not with a collection company yet. Still shows the dealership I bought it at as a charge off. Had to go buy-here pay-hear with lower credit scores. Lost the van due to job cuts.
Since then, I have financed 3 cars, most recently approved through Ally. I am looking for financing through Quicken, just wasn't sure what to do with the repo.
Thanks