Hello all I have been reading the forum for some time now, Thought it was about time to ask for some guidance and help from all of you who have already dealt with the same situation that I am going through. I really screwed my credit up, filed for bankruptcy, bought a house, lost the house then really screwed it up again. That was about 5 years ago, I have finnaly got it figured out now, PAY YOUR BILLS andPAY THEM ON TIME!!!!! With all that being said I have learned to pay the bills on time, now I need to get my CR in shape to purchase another home. I started out with low 500s on all 3 scores, I used Sky Blue Credit to get started and do the paperwork stuff I despise. That was in January, by July my 3 scores were EQ 690 TU 710 EX 680 and then everything just stood still. I have a state tax lien for $4000 and a car repo for $9000 from 2 years ago still on there and a couple of collections in the amount of $100 and $400 , the Foreclosure is on there but I have got a $0 balance on it, and of course the BR is still on there it is 6 years old now. My Question is what are the chances of getting a mortgage in the near future? I am going to send a PFD to the $100 and the $400 OCs and hope those come off soon, but I dont know what to do or can be done about the state taxes and the repo. Any Suggestion or guidance would be much appreciated.
I you are wondering if you can purchase a home. I would speak to a mortgage broker or bank and see if you qualify. Most FHA loan programs required a 640 credit score. Your loan could be run through a automated system to get an approval, so those other negative item on your credit might not matter. If you haven't already paid your tax lien I would pay that off before you start the process of purchasing a home. Thanks! Heather with BoostMyScore.NET
Welcome to Creditnet! If those are your 3 FICO scores, you're definitely heading in the right direction. I think you'll be able to find a lender as long as you have solid employment. You're going to need to get rid of the that tax lien though. Get that paid off and updated by the state. Mortgage underwriters won't like unpaid tax liens or any other unpaid collections. Your plan regarding the small collections sounds good too. Hopefully you can convince the CAs to remove them in return for payment. What's going on right now with the car repo? Has anyone come after you for the deficiency?
I have good steady income, no problem there. I have had a couple of settlement offers on the repo, they were kinda out there though, they wanted me to pay it in 3 payments, I never understood why they think you can pay it in 3 payments if you couldnt pay it in 48!!! I have not been threatened to be sued, soI just dont know what to do about it. So you all think the Repo is gonna stop me from getting a mortgage, I plan on getting the taxes paid by about February. I was wondering if I set up a payment plan with them if they would delete after a few payments were made.
Couple questions regarding the foreclosure: Before or after the BK? Was the home IIB or did you affirm the house? FHA requires a three-year wait, the start date is the day your name is off the title not the default date - is the foreclosure complete - is your name off the title? Everyone is correct all unpaid collections must be paid prior to pre-approval - also be ready to explain the repo/foreclosure after the BK - not a pattern a creditor wants to see. Good luck with everything.
Foreclosure after BK, dont know what IIB or affirm is?? Name is off the title, I only had the house 8 months. House was sold I would guess 4 or 5 years ago. It was a quick process after the foreclosure. That is how I got a 0 Balance on it I am guessing.
Underwriters have a difficult time getting any deals done these days if there are unpaid debts on your credit reports. If they're paid, you'll still need to provide explanations and hope for the best, but unpaid debts are obviously a huge red flag. Recent credit history that's very positive, solid employment, and a larger down payment can sometimes get you beyond this hurdle, but be prepared for a battle if you're unable to get all the unpaid debts taken care of beforehand.
