Financing in Plymouth>Question Details

KJ, Home Buyer in Minneapolis, MN

Our house was foreclosed in 2009 in MN. I am not on the mortgage but am on the title. My credit score is 729. Can I buy a home if divorced now?

Asked by KJ, Minneapolis, MN Sun Feb 24, 2013

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Hello KJ,
Good afternoon.
Did you ever buy a new home? Are you renting now? Are you still in the market to buy a home? If so, I would love to see if we can help you out. Do you have a realtor yet? If not we have preferred ones we can get you in contact with. I would like to see if I can help you out with a home mortgage. I will try and make this a very easy process. Please let me know how to help out.
Thanks much.
Josh Lund
MN District Branch Manager
NMLS # 387408
Gold Star Financial Group
Mobile: 612.802.3265
Office: 952.884.5442
eFax: 877.666.0007
0 votes Thank Flag Link Thu Aug 6, 2015
You have a good credit score, and the foreclosure shouldn't be a factor. In fact, because you haven't owned a home in the past three years you are technically a first time buyer again so be sure to consider those programs.
0 votes Thank Flag Link Wed Apr 10, 2013
Believe so all things being in place(debt ratio, income). Best of Luck!
0 votes Thank Flag Link Mon Mar 4, 2013
Hi, KJ!
Given that this is the only information we have here, I'd say you've got a good shot at it since you were NOT on the mortgage.

Good luck!
0 votes Thank Flag Link Mon Mar 4, 2013
Thank you all, many great answers and suggestions that seems to converge :)
0 votes Thank Flag Link Sun Feb 24, 2013
If you'd like to know the waiting periods that would be applicable to this situation by loan type (FHA, Fannie Mae, Freddie Mac, VA, RD), see the attached web reference. Oh and I agree with Chase, . . . Call Sherri Sherpy.
0 votes Thank Flag Link Sun Feb 24, 2013
1) As everyone has said here you could have bought immediately since you were were not on the loan. The 3-year FHA repurchase rule is for those who are only on the mortgage.

Realtors tend to have the best referrals, but if you want to do it on your own go to 2 or 3 different lenders and comparison shop.

Good Luck! ~Chris
0 votes Thank Flag Link Sun Feb 24, 2013
Talk with Sherri Sherpy of iLoan. She number is (612) 363-1106. Let her know I sent you over.
She's really great with these situations and will be able to get you qualified if at all possible.
0 votes Thank Flag Link Sun Feb 24, 2013
Very good question. Your credit score will not be a problem as it is high enough. A good next step is to contact a Mortgage Broker and have them analyze your situation. The issue of having a foreclosure on your record may be the only issue of concern on the credit side of things. If you where not on the 'Note' then you may not have a foreclosure on your history. Being on Title is diffferent then having been on the 'Note'. Also, the timing of a foreclosure may be in your favor already as it has been roughly 3 years. I am a Realtor and Mortgage Broker and would be happy to help get your pre-qualified to purchase a New Home. Feel free to contact me via this website and we can discuss more details. Now is a great time to be buying a new Home!
0 votes Thank Flag Link Sun Feb 24, 2013
Sure , I would like to talk! What is the best number to reach you
Flag Sat Mar 2, 2013
Hi KJ,
After a foreclosure and divorce you can get a new mortgage in as little as three years. There are several lenders I work with who can lay out your options for you. Send an email and I will send contact information. Good luck!
Web Reference:
0 votes Thank Flag Link Sun Feb 24, 2013
There are many factors that go into qualifying for a mortgage, but it looks like you're crossed two of the hurdles. Your credit score is excellent and I believe the wait time after a foreclosure is two or three years, either way you are beyond that time. If I were you I would sit down with a local mortgage banker and go over my entire situation and see what can be done. Try to find someone local who specializes in writing mortgages rather than a big bank. They will be able to tell you exactly what you can do today and if anything needs to be 'fixed' they will tell you what it is and how to fix it. If you don't know a local mortgage lender, call a realtor and ask to be referred. It's what we're here for!
0 votes Thank Flag Link Sun Feb 24, 2013
Thank you, I will follow your advice
Flag Sun Feb 24, 2013
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