cancel
Showing results for 
Search instead for 
Did you mean: 

helping out GF in obtaining mortgage, so many questions.....

tag
grassfeeder
Frequent Contributor

helping out GF in obtaining mortgage, so many questions.....

OK, here is a run down on our situation - I am helping my girlfriend clean things up after a messy divorce close to 3 years ago.

 

She was a stay-at-home wife for a number of years and her ex-husband was making 6 figures and the sole financial contributor.  When they seperated, she was unable to get her name removed from their home.  He also transfered some large balances onto her credit cards - thus leaving them maxed and eventually CO'd.  Her ex-husband then let their home go into foreclosure while filing a BK.

 

Come current day.  I was able to dispute the foreclosure with Equifax and they agreed to delete it (don't ask me why or how, they just did).  I am hoping for the other 2 agencies to follow suite - at least I hope so.

 

She has one collection currently reporting on Equifax however it is not on the other 2 reports.  Other than that, it's mostly all CC charges offs right after the divorse about 3 years old......

 

She is hoping to be able to purchase a property around $225k.  She will be able to put down about 35,000 in cash (recieved as one QDRO from divorce).  In addition, she was receive $250k in a second QDRO which will be payable in 10 years time.

 

With current alimony included - he annual income is about $41k.  She has zero other debt (car is paid off, $5 balance in a Discover Card).

 

I know things don't look great, but what else should we do to take steps to get her approved ASAP?

Fico 8 Scores 5/1/22 :
799 EQ | 793 TU | 809 EX
Message 1 of 3
2 REPLIES 2
boomhower
Valued Contributor

Re: helping out GF in obtaining mortgage, so many questions.....

How old is the foreclosure?  How much are the CO's and their associated collections?  How long has she been employed at her job?  If the BK has aged enough and the CO are for a low enough amount with good enough scores an FHA may be possible now.  I would start getting things together quickly as the new FHA collection rules start next month that require all collections over $1k to be paid. 

Message 2 of 3
courtney091082
Regular Contributor

Re: helping out GF in obtaining mortgage, so many questions.....

You also need to find out the SOL for the state you are in. Sounds like she has a little work to do before getting an FHA loan. I would find out more about her exact collections and baddies on her report and then go to the Rebuilding Credit board and see what help you can get there.

9/1/2012 ...DRUMROLL .... EQ .. 776!!

I'm FINALLY a homeowner .. 10/24/12!!!!

My Cards ~~~GARDENING~~~ BNSF CU ($1000) BOA ($2500) Amazon / GE ($900) AMEX BCE ($2500) Chase Freedom ($3000) US Bank Cash + (7500)
Message 3 of 3
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.