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Valued Member
Posts: 39
Registered: ‎06-06-2009
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Is it possible to get a mortgage in a year?

My equifax credit score is 556 pulled from the mortgage broker

 

My accounts

gmfinancial-late right now balance 30229

 

lvnv funding(ca)-falls off 11/13 $777

client services(ca) originally AT&T/Cingular $126

jefferson cap(ca) $530 falls off 11/13

alliance(ca) falls off 2/13 $160

medical bill $140

nco (ca) progressive ins $123

cap one falls off 6/13  charge off $682

credit one falls off 11/13 charged off 757

hsbc charged off $4749 dofd 4/08

hsbc off 11/13 charge off $650

jeff cap (ca) off 11/13 $650

marquette 1 late payment acct closed dofd 12/07

Santander charge off $21718 cant find dofd 

 

bankruptcy will be off 4/13

cap one judgement 12/07

 

i have no cc 

i do have student loans in deferment right now. I want a house in a year. Is it doable? Where do I start? I know I need an I open cc to show a mix of credit but how long do they want it open for and having payments made?

 

 

thanks for lolooking

devon 

Established Contributor
Posts: 505
Registered: ‎11-05-2012
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Re: Is it possible to get a mortgage in a year?

Why don't you pull all 3 from annualcreditreport.com, then lsit it out again

10/2012 Started with 588 EQ Fico score and 20+ CA and CO
1750$ total CL
10/2013 in 700 Club
Personal :Total CL 196K
Business : Total CL 200K
Business LOC : 1M
Garden From 10/13/2013
Community Leader
Super Contributor
Posts: 5,922
Registered: ‎03-06-2010
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Re: Is it possible to get a mortgage in a year?


froggie wrote:

My equifax credit score is 556 pulled from the mortgage broker

 

My accounts

gmfinancial-late right now balance 30229

 

lvnv funding(ca)-falls off 11/13 $777

client services(ca) originally AT&T/Cingular $126

jefferson cap(ca) $530 falls off 11/13

alliance(ca) falls off 2/13 $160

medical bill $140

nco (ca) progressive ins $123

cap one falls off 6/13  charge off $682

credit one falls off 11/13 charged off 757

hsbc charged off $4749 dofd 4/08

hsbc off 11/13 charge off $650

jeff cap (ca) off 11/13 $650

marquette 1 late payment acct closed dofd 12/07

Santander charge off $21718 cant find dofd 

 

bankruptcy will be off 4/13

cap one judgement 12/07

 

i have no cc 

i do have student loans in deferment right now. I want a house in a year. Is it doable? Where do I start? I know I need an I open cc to show a mix of credit but how long do they want it open for and having payments made?

 

 

thanks for lolooking

devon 


Was your BK before or after all the judgments and charge off's?  That will make a difference with any mortgage lender.

If you had those items included in your BK. they should already be off of your report (7.5 yrs from filing date).

If the judgment was entered subsequent to your BK for a "new" debt after your discharge, then you need to handle the judgement now, before you ever app for a mortgage. To find out detail, most of the jurisdictions are online today. Go to your Clerk of Courts online and look up your judgment. See if you can't negotiate to have it vacated in exchange for payment (difficult, but not impossible in some jurisdictions). If you can't do that, do the next best thing and pay it and get the satisfaction recorded right away.  It will be an issue with the mortgage underwriter either way since it was after your BK. If it was before your BK, then you can get the judgment removed because the underlying debt was discharged in the BK (if it was).

 

It's possible to get a mortgage, but you will need to have all the old items that occurred after your BK fall off first or otherwise clean up the reports.

You have a better chance getting a mortgage in your position with a larger down payment to reduce the risk of the lender.

 

 

Valued Member
Posts: 39
Registered: ‎06-06-2009
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Re: Is it possible to get a mortgage in a year?

The judgement was after the bankruptcy and it is paid.  I did just increase my 403b contribution from 5-10% so I can have a larger downpayment because that is where I am going to take my downpayment from.   I am thinking I will just let the few things that are falling off in 2013 fall off without doing anything right now but where should I start with the rest of them?  Any suggestions?

Contributor
Posts: 81
Registered: ‎05-18-2012
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Re: Is it possible to get a mortgage in a year?

This isn't to sound mean, just my personal opinion.....I would stop the 10% contribution and start focusing on your current debt.  You say that you are late on the GM loan so why would you want to take on even more finanical responsibility?  Two years ago I had low 500 scores, lots of collections/chargeoffs, no downpayment, etc.  I really wanted a house and called a mortgage broker at that time.  She pretty much woke me up and explained what I needed to do.  I applied for 3 credit cards (all have monthly fees) and have used them for small purchases then paid in full each month.  I cut my 401k contribution in half so that I could focus on paying everything on my credit report off.  Yes the items were past SOL, but that doesnt mean I didn't still owe them.  I worked out settlements/PFD with most creditors.  Once I had all of my debts paid I then started saving small amounts monthly for my down payment.  I worked a 2nd job, cut out fast food, etc to save any amount I could so that I wouldn't be touching my 401k for my downpayment.  I am under contract now on a house with 5% down, paying all of my closing cost and I know going into this house I won't be digging myself into a deeper hole because I stopped and really took a look at my finances first.  My scores are all around 700 now.  So just my advice is to focus on cleaing up credit, always paying on time, saving money after everything else is paid and then worry about a house.  I hope everything works out for you and you own that perfect home someday =)

Valued Member
Posts: 39
Registered: ‎06-06-2009
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Re: Is it possible to get a mortgage in a year?

Congratulations on you're house. I am not offended at all about your honesty, I know the situation I am in and I got myself there so I need to get myself out.  The car will be current by the end of January, I have 2 jobs already because I am the sole support for a family of 6 my husband and I have already agreed we need to tighten up and I need to up my hours to take care of our responsibilities and we can more than afford to pay the bills we just have been too careless with money and that is ending now.  I am 32 years old and need to act like a grown up and take care of my responsibilities.

Contributor
Posts: 81
Registered: ‎05-18-2012
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Re: Is it possible to get a mortgage in a year?

Are you in a state where they will vacate the judgement?  I am in IL and I was able to get my paid judgement vacated by filing a motion in court.

This would be how I would start.....depending on cash on hand of course!  Just make sure you do all communication in writing and save everything for like 9 years lol!

 

Judgement - try to have vacated after payment.

NCO - PFD, they are pretty good with these.

Medical - PFD

Alliance - PFD.  I had them and they wouldn't allow any settlements and said they would not PFD.  I paid in full and then sent one GW letter.  They removed immediately afterward my GW letter.

 

I would start there and see how these work out.  LVNV is HORRIBLE so I would prob wait to touch them until a little down the road.  Depending on how the above work out you can see money wise where you are at and then go after HSBC.  I did a settlement with them (really really low) and after they turned my account positive. 

Valued Contributor
Posts: 2,661
Registered: ‎04-25-2011
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Re: Is it possible to get a mortgage in a year?


Blackhawks_girl30 wrote:

Are you in a state where they will vacate the judgement?  I am in IL and I was able to get my paid judgement vacated by filing a motion in court.

This would be how I would start.....depending on cash on hand of course!  Just make sure you do all communication in writing and save everything for like 9 years lol!

 

Judgement - try to have vacated after payment.

NCO - PFD, they are pretty good with these.

Medical - PFD

Alliance - PFD.  I had them and they wouldn't allow any settlements and said they would not PFD.  I paid in full and then sent one GW letter.  They removed immediately afterward my GW letter.

 

I would start there and see how these work out.  LVNV is HORRIBLE so I would prob wait to touch them until a little down the road.  Depending on how the above work out you can see money wise where you are at and then go after HSBC.  I did a settlement with them (really really low) and after they turned my account positive. 


I agree with what StartiingOver stated. However; I was in a pretty bad spot; as you can see in my signature, and I was able to get a house 14 months after having 498 credit scores with 25 negative entries. I think it's doable.

 

LVNV isn't that bad. Lots of success on this forum with them. BBB is a solid start with them, just make sure you know what you are talking about when you start rattling off FCA and FDCPA stuff.

 

You have several major problems, none insurmountable in my opinion. Outstanding debt being one. That Santander 20k+ repo being a second. Was that included in the BK? And, as previously mentioned the judgement. This has to be satisfied or vacated ASAP.

 

A glaring issue is this currently late auto payment.

 

Lenders almost around the board require no late payments for a full calendar year before approving a mortgage. So that needs to be current and stay current for a year before you can legitimately sniff a mortgage in my opinion.

 

Second, you have no positive lines of credit outside of the currently late auto loan?? You need to get on that ASAP, secured credit cared would be a good place to start.

 

Most negatives are coming off next year.. I think you probably aren't that far off if you can commit to paying off the required debt you need to pay off. 

 

-scott

 

 

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 09/14: TU: 784 | EQ: 752 | EX: 784
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession


Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $13900, Citi/Home Depot $8500, Capital One Cash Rewards $3500, BOA $7500 Total Utilization: 3%. AAoA: 2yr, 9mth. INQS: 1 TU, 1 EQ, 3 EX
Regular Contributor
Posts: 162
Registered: ‎11-13-2012
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Re: Is it possible to get a mortgage in a year?

You have work to do... I am in a similar situation to you minus the bk. I opened up 3 secured credit cards, a secured personal loan and have had some 3,4 deletions removed this month alone. I have same goal of buying  a home 1-1.5 years from now..

 

it can be done.. i have gone through these boards for hours and hours reading success stories, strategies, experiences... it can be done..

 

some of the people that have replied are proof.

 

good luck!



Starting Score: Exp:513 | TU:541 | EQ:517 - 11/13/2012
Current Score: Exp:623 | TU FICO:639 | EQ FICO:743 - 01/24/2012
Wallet: Applied Bank $200, OpenSkyCC $300, 1st Tech CU Secured $2k, Discover IT $1.5k, CITI AA $2.8k, USAA AMEX $7.5k
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Valued Contributor
Posts: 2,661
Registered: ‎04-25-2011
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Re: Is it possible to get a mortgage in a year?


xwill04 wrote:

You have work to do... I am in a similar situation to you minus the bk. I opened up 3 secured credit cards, a secured personal loan and have had some 3,4 deletions removed this month alone. I have same goal of buying  a home 1-1.5 years from now..

 

it can be done.. i have gone through these boards for hours and hours reading success stories, strategies, experiences... it can be done..

 

some of the people that have replied are proof.

 

good luck!


Exactly.. definitely can be done. You should spend time in both this forum and the mortgage one, learn what you EXACTLY need to get to, and you can map out accordingly

 

 

-scott

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 09/14: TU: 784 | EQ: 752 | EX: 784
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession


Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $13900, Citi/Home Depot $8500, Capital One Cash Rewards $3500, BOA $7500 Total Utilization: 3%. AAoA: 2yr, 9mth. INQS: 1 TU, 1 EQ, 3 EX
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