Could i qualify for a mortgage in your opinion? (loan, foreclosure, credit card)

[KH02]

We foreclosed on a home in the past due to the taxes getting too high up to 12,000 a year (its a private community).
So then we could no longer afford the place and had no luck selling in 3 years.
Well now we're wondering if we will qualify. Only my DH has a foreclosure on his record as it was his home before we met, so my credit was not affected BUT he is the breadwinner.
Combined we make about 110K a year.
We would have about 10K to put down.
BUT our debt is very high at around 40K.

Would anyone give us a mortage you think?

[renriq02]

It depends on when the Foreclosure was discharged...

Originally Posted by KH02

We foreclosed on a home in the past due to the taxes getting too high up to 12,000 a year (its a private community).
So then we could no longer afford the place and had no luck selling in 3 years.
Well now we're wondering if we will qualify. Only my DH has a foreclosure on his record as it was his home before we met, so my credit was not affected BUT he is the breadwinner.
Combined we make about 110K a year.
We would have about 10K to put down.
BUT our debt is very high at around 40K.

Would anyone give us a mortage you think?

[Bigg Mann]

My wife and I filed for chapter 7 last yr. and our house was foreclosed on but house was in my name only. The bankruptcy was discharged 6 months ago and a mortgage broker told us if we wanted to buy a home it would take 3 yrs. for me since home was in my name and my fico now is only in 400's but my wife can get loan now and her score is in 580 range. We are not going to buy home now and will probably wait at least 3 more yrs.

[bentlebee]

Originally Posted by KH02

We foreclosed on a home in the past due to the taxes getting too high up to 12,000 a year (its a private community).
So then we could no longer afford the place and had no luck selling in 3 years.
Well now we're wondering if we will qualify. Only my DH has a foreclosure on his record as it was his home before we met, so my credit was not affected BUT he is the breadwinner.
Combined we make about 110K a year.
We would have about 10K to put down.
BUT our debt is very high at around 40K.

Would anyone give us a mortage you think?

Depends on how much the house will cost that you are thinking of buying and why would you buy when you recently showed you were not able to pay for the things you signed for. I guess the taxes didn't go up from $ 2,000 to $ 12,000. I live in a private community tooand owe in other private communities but no where I pay so much, so maybe you should look at a different area.
Why not rent for a couple of years and get rid of the debt and try to save some money. How would you come up with the $ 10K? If you have $ 10 K than pay it towards the $ 40 K, or is this weird for me to say.

[tagylyn]

Originally Posted by KH02

We foreclosed on a home in the past due to the taxes getting too high up to 12,000 a year (its a private community).
So then we could no longer afford the place and had no luck selling in 3 years.
Well now we're wondering if we will qualify. Only my DH has a foreclosure on his record as it was his home before we met, so my credit was not affected BUT he is the breadwinner.
Combined we make about 110K a year.
We would have about 10K to put down.
BUT our debt is very high at around 40K.

Would anyone give us a mortage you think?

I have the exact same question - a little different though -

Annual 90K
10K down
debt 40K

My husband has a foreclosure about 6 years ago.
His credit score low.
He's the breadwinner.
I still own my house (on market now)
my credit score very high
I don't work at this moment until we move.

[micheleroll]

With God on your side, all things are possible. I just closed the end of June and my husband and I owe federal and state taxes. We also have a carnote. We didn't have any credit card debt. We got an FHA loan and we put down $2,500. Our mortgage is a little high ($2,500) but we can handle it. With combined income we make $120k. It can be done.

[scuba steve]

Originally Posted by KH02

We foreclosed on a home in the past due to the taxes getting too high up to 12,000 a year (its a private community).
So then we could no longer afford the place and had no luck selling in 3 years.
Well now we're wondering if we will qualify. Only my DH has a foreclosure on his record as it was his home before we met, so my credit was not affected BUT he is the breadwinner.
Combined we make about 110K a year.
We would have about 10K to put down.
BUT our debt is very high at around 40K.

Would anyone give us a mortage you think?

Honestly, I don't know how great the rates would be. I would really work on the debt first while letting the market settle down (if you're in one of the areas that've been shaken up). What kind of debt is it? Student loans, credit cards, auto loan?

[chicagocubs]

At this point, with 2 foreclosures and lots of debt, you have literally no chance of getting another mortgage anytime soon. Work on paying down that debt, paying any foreclosure shortgage and save, save, save. In about 5 years, you might have a chance, assuming that you will have 20% to put down. Good luck!!

I am a mortgage underwriter.

[renriq02]

You're not an FHA DE underwriter....

Otherwise you would say 3yrs from discharge of Foreclosure, and 3 positive tradelines for 12-24months, and 3% down.

OP - Make sure you keep a clean credit history after the foreclosure.

Originally Posted by chicagocubs

At this point, with 2 foreclosures and lots of debt, you have literally no chance of getting another mortgage anytime soon. Work on paying down that debt, paying any foreclosure shortgage and save, save, save. In about 5 years, you might have a chance, assuming that you will have 20% to put down. Good luck!!

I am a mortgage underwriter.

[goodbyehollywood]

If you have $40K in debt, you would be better served paying that off before taking on any more. You're already overextended. Rent, save, reduce your debt, then buy a home when your financial position is stronger.