topic Re: Mortgage after Car Repo? in Mortgage Loans

Mortgage after Car Repo?

Anonymous — Thu, 06 Jul 2017 23:58:07 GMT

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 .....

Re: Mortgage after Car Repo?

Anonymous — Mon, 10 Jul 2017 03:43:20 GMT

Bump. Also curious about this.

Re: Mortgage after Car Repo?

Anonymous — Mon, 10 Jul 2017 08:56:50 GMT

Moved to Mortgage forum for better visibility

Re: Mortgage after Car Repo?

ucdcrew — Wed, 19 Jul 2017 23:56:02 GMT

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