Home Buying in 60085>Question Details

Aforyou09, Other/Just Looking in 60085

How will a repossession affect us from qualifying for a loan.?

Asked by Aforyou09, 60085 Tue Aug 18, 2009

Me and my Husband are looking forward to buy a new home but there's a problem he had his car reposes 4 years ago he got the car back and the car is paid in full. Will this still affect us from qualifying for a loan.

Help the community by answering this question:


Please call or email me directly. I will be able to pull a credit report and based on it prequalify you for a mortgage loan. I will also be happy to help you find a new home. I have a lot of experience in both mortgage and real estate fields so my office is going to be a one-stop shop for all of your real estate and mortgage needs.
Don't hesitate to contact me - I would like to help you!

Peter Schifrin
Sr. Loan Officer - North Shore Financial Services
Realtor® - Express Real Estate Group, Inc.
cell 847 630 6843
1 vote Thank Flag Link Tue Aug 18, 2009
Hi Aforyou09-
It depends on the situation. But if you retrieved the car and the car is paid in full, your credit should show that the outstanding debt is paid in full.
If you would like to have your credit checked or discuss this further, please feel free to contact me directly at (224)-267-5472 or Lisa@MadewithSchade.com.
0 votes Thank Flag Link Mon Nov 22, 2010
After you take a look at your credit feel free to contact me so we can take a look on what you can do to maximize your score. I do offer a consultation, no cost or obligation. But I truly believe it is well worth your while to increase your score before moving forward with a home mortgage. Typically any score below 740 will be penalized by the bank with additional fees or a higher interest rate.

Hope this helps some. And good luck!

Michael Parker
VP - GQ Credit
Web Reference: http://www.gqcredit.com
0 votes Thank Flag Link Tue Aug 18, 2009
Peter has the best advice, call him or another lender and they will help you with your specific situation. If you'd like free information on homes in the areas you're interested, please visit http://www.TeamStodola.com and you can search for all the homes available real time just like agents do. Please feel free to call with any questions and I can answer specifics as well. 847-557-1622. Happy house hunting (and congrats, you should be able to get $8,000 to buy if you qualify). - Mike
0 votes Thank Flag Link Tue Aug 18, 2009
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