Posted on: 29th Jul, 2011 11:16 am
Due to our business not being able to collect on past-due a/r....we had to file a chapter 7 (discharged in March '11) and our house foreclosed on us, when I thought the banks were doing a modification with us in March of '10.
My father has an 800 credit score but since he's retired doesn't quite have the debt to income to support a home for us that he is willing to buy or co-sign. Is there anywhere to look or any options out there?
My father has an 800 credit score but since he's retired doesn't quite have the debt to income to support a home for us that he is willing to buy or co-sign. Is there anywhere to look or any options out there?
Being that the residence is in foreclosure, anyone on title wouldn't be eligible to purchase the property. You would need someone completely separate to purchase the residence otherwise it would be considered a bailout. You can always keep trying with your existing bank for a modification.
Dmitriy Bleynis
Regional Sales Manager
STERLING NATIONAL BANK
STERLING NATIONAL MORTGAGE
[Contact details deleted as per forum rules. Thanks.]
Dmitriy Bleynis
Regional Sales Manager
STERLING NATIONAL BANK
STERLING NATIONAL MORTGAGE
[Contact details deleted as per forum rules. Thanks.]
Our house Was already forclosed on :( last year March 2010. I'm needing to get another house, my dad has offered to co-sign or purchase outright, but the income to debt without anyone else on it is a little low.
Unfortunately with a Foreclosure in March 2010, you would not be able to purchase a property until 3 years after foreclosure proceedings were completed. It is very important to find out when the proceedings were completed because that is the date your lender will use to determine whether you qualify. You would also have to rebuild your credit. As far as purchasing a new property, you can be on title but you will need a credit worthy borrower with enough income to qualify. The rule of thumb the banks look for is 45% Debt To Income Ratio. I have closed purchases & refinances with higher ratios with a case by case exception. For example, if you make $1000 a month, your total debt must not exceed $450. This would include credit cards, car loans student loans, mortgage payment, taxes and insurance. Please let me know if you have any other questions or concerns.
Best Regards;
Dmitriy Bleynis
Regional Sales Manager
STERLING NATIONAL BANK
STERLING NATIONAL MORTGAGE
[Contact details deleted as per forum rules. Thanks.]
Best Regards;
Dmitriy Bleynis
Regional Sales Manager
STERLING NATIONAL BANK
STERLING NATIONAL MORTGAGE
[Contact details deleted as per forum rules. Thanks.]