Compare Mortgage Quotes

happyangel · Joined: 19 Aug 2011 Posts: 1 1.35 Dollars($)

In California four years ago my husband lost his job and we lost two houses to foreclosure. One house had a $100,000 second mortgage and it has been charged off on my credit report.

Is there any way that I could qualify for a new home loan even though I have a charge off? Or will I need to declare bankruptcy to erase the $100,000 debt?

gmakerley · Posted: Sun Aug 21, 2011 4:08 pm Post subject:

HA, it's a shame that you get two responses quickly and they're both full of nonsense. That's why we have Moderators on here.

I believe that you'll have difficulty in persuading a lender to take a flyer on you, but "difficulty" doesn't mean denial necessarily.

If I were in your shoes, I'd seek out a local lender and see if you can work on a prequalification. Things have been atrocious in this market over the last few years, and we're seeing damaged credit all over creation.

That it was 4 years ago is in your favor, and that it was a second mortgage which, presumably, was in excess of your home value, ought to also be in your favor.

That being said, you won't know for certain until you seek out a professional who can review the credit record with you and take into account what took place then.

Your credit stance in the last 4 years will have a big impact on how they view you, of course. If you have reestablished favorable credit, then you will stand a better opportunity.

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Compare Mortgage Quotes

Can I get a new home loan while there is a charge off on my credit report

Bookmark this page

Helpful References

Calculators

Financial Tools

Our Community

Community Rewards

Followers (252)

455 People like Mortgage

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1