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Old 08-19-2011, 05:35 PM
 
84 posts, read 227,240 times
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In California four years ago my husband lost his job and we lost two houses to foreclosure. One house had a $100,000 second mortgage and it has been charged off on my credit report.

Is there any way that I could qualify for a new home loan even though I have a charge off? Or will I need to declare bankruptcy to erase the $100,000 debt?
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Old 08-19-2011, 05:44 PM
 
Location: South Jersey
819 posts, read 2,733,108 times
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A charge off will stay on your credit for 7 years. Any lender is going to ask you what happened and require a letter of explanation. Due to the fact that you had 2 houses, and depending on the lender, that may be enough to deny the request. With the lenders I deal with if they see a 30 day delq in the past 2 years, they are going to be denied.
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Old 08-23-2011, 01:59 PM
 
Location: Albuquerque
5,549 posts, read 13,865,286 times
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Quote:
Originally Posted by roseville lover
... any way that I could qualify for a new home loan even though I have a charge off?
Or will I need to declare bankruptcy to erase the $100,000 debt?
The possible - soon-to-be - bankruptcy situation - might be an obstacle to a new home loan.
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