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pamelane03 · Joined: 18 Nov 2009 Posts: 2 1.58 Dollars($)

We are losing our home to foreclosure I am not on the loan however my spouse is will i be able to buy in the future (in a bout 2 years)since we are married?

gmakerley · Posted: Wed Nov 18, 2009 9:11 am Post subject:

pamela, you won't be hampered by the foreclosure, obviously. if you qualify on your own, you could potentially be a buyer in a short time. your husband is looking at a 4-year delay before he'll be able to get consideration for a mortgage again.

your personal situation depends on what you'd qualify for by yourself, of course.

riseabove · Joined: 09 Nov 2009 Posts: 277 11.01 Dollars($)

is that 4 years a set period or an estimate? At the end of the 4 years will he still have had to build his credit score back up, or will it be reset to a mandatory level?

raymond · Posted: Sun Nov 29, 2009 10:24 am Post subject:

With FHA and VA programs, your husband will be eligible 3 years after the foreclosure. There can't be any lates on anything during that timeframe and he should work on re-establishing his credit while waiting.

gmakerley · Posted: Sun Nov 29, 2009 8:52 pm Post subject:

every timeframe mentioned these days is an estimate. i say that because policies and guidelines are changing so regularly we can only speak what we think and not what we used to know. by the time i finish writing this it may be obsolete.

no, not really; after all it's a sunday night and nobody is dumb enough in the mortgage industry to be up making those kinds of decisions on a sunday night at 10:51 eastern time.

other than us, that is.

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Can i buy in the future?