good morning...is your name on the mortgage?...who was awarded the home in the divorce?......were the payments current up until he (assuming he got the home and was responsible for the payments) took over, as documented on the divorce decree??.....since your principle residence history is always acknowledged on the mortgage application, most likely the pay history would be required....documented proof of the payments being his responsibility would be required by the new lender to have any chance of qualifying..the 1003 also asks of you have experienced a foreclosure in two different places (page 3)....best of luck to you..bob mcclure- success mortgage partners- plymouth, michigan.....

I think we are all saying about the same thing. Talk to a loan oficer. I doubt in today's economic climate you will be able to, but you might be able to buy with a co-signer. There may be some tax implications from the foreclosure as well. You should also talk with a real estate attorney. Just what you want to do...talk to more attorneys.

Good luck,
Joan Wilson (Realtor, SRES, Ecobroker)


California Cool 4 Sale
Prudential California Realty
Direct Phone: 760-757-3468
Fax: 760-946-7894
JoanWilson@prusd.com
License # 01341483

It is my Goal to Increase the Success and Profitability of Those I Serve

Nonie
You need to talk with a loan officer.

Usually when you are in foreclosure, that means that other bills are not being paid either, so it sounds to me as though your credit is affected already.

One possibility would be that in the divorce settlement you have a cash settlement coming so you could pay cash for a property. However, based on your question, about a downpayment, it sounds as if you'll have some cash, but not enough to purchase a home outright.

That means financing, and I agree with the other posts, I'd plan on renting if I were you.

Sorry to hear about the divorce. In regards to the condo/townhouse, generally, if your name is on the mortgage then your credit might be negatively impacted. However, each situation is different ans should be treated that way. We really won't know the details about your situation until we try.

Darren Tunstall
Keller Williams Realty

If your home is in foreclosure with Notice of Default filed, your credit is already affected. You may need to rent for a couple of years until enough time as passed to lessen the negative reporting. I would suggest you speak with a reputable lender to obtain an estimate of time before you can purchase once the foreclosure is completed, or if you have a substantial downpayment, could you purchase now? Underwriting requirements seem to be continually changing so an update from a lender will answer the question the fastest.

Sharyn Crown

If your name is on a mortgage that is currently "in foreclosure", it is going to negatively affect your credit.

Talk with a Lender.

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Best wishes to you,
Fred
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