Can I still get a mortgage loan with a repo?

[Anonymous]

I have been fixing my credit in order to secure a mortgage loan.  I figured my scores were decent enough to get approved so I do a preapproval app through several lenders. Two lenders have already denied me, not because of my score but because of an old car repo.  It is showing a $13k balance and DLA was 11/2013.  Does anyone know if there are any lenders around western NC area that will approve loans with this repo? One bank is telling me to try and settle this but I don't know if I should hold off dreams of home ownership until the repo falls off? Any suggestions are appreciated.

[JVille]

What State did the Repo happen in AND is the 2013 Date accurate in regards to when this happened?

[Anonymous]

Happened in NC, same city I am in.  And yes, I got the car in Jan 2013. Was basically sold a lemon car.  DLA showing on my Equifax report is Nov. 2013

[IQn2D]

Nat, was the car brand new or used? NC Lemon Law does not apply to used car. You would have had the potential for legal remedies. There is a  federal law known as the Magnuson-Moss Warranty Act applies to used vehicles that are still under the original manufacturer's warranty.

If this is not the case then you are stuck with the car. It is up to the purcahser of a used car to get it check out (if you would like). When you signed the paper the car was your problem and not the seller.

It will ultimately be up to the lender to make that determination. They should be upfront with you even if it's possible. Did you check with your bank?

[ucdcrew]

I have one reporting from 2012, I closed in August on my new home.  However, mine shows redeemed repo - I paid and got the loan reinstated and subsequently paid it off (rest of the loan term paid on time).  Shows 0 balance.  I'm not sure if the underwriter would view that differently than if you settled/paid your repo.  YMMV - depending on your state too with statute of limitations.  FWIW - my middle mortgage score was 680, front and back end DTI 29% for me.