Mortgage after Foreclosure (loan, real estate, finance, loan)

[justinbro2002]

My wife had a home with her previous husband and during the housing bust her house dropped 200k right as she was going through a divorce. She tried to save the home but the bank wouldn't help she tried to short sale but the bank refused. Her ex wanted to get off the loan so we tried to assume the loan but the bank refused. We finally decided to let the house foreclose. I went out and bought a home in my own name in 2011 and we got married the following year. Her house foreclosed in 2012. We now have about 200k in equity and another 215k in the bank and want to try and buy some rentals properties in the midwest or the south because of the cost to rent is vary favorable. But we would like to put money down and finance atleast 100k. Are there any chances my wife can cosign on a loan 2 years after foreclosure?

[thelopez2]

There is always a chance but it won't be Conventional, it'd be private money, or a bank portfolio, non FHA. Do you really need her income to qualify?

[Restrain]

More than likely they will look at her as well, unless... You create a corporation, and then sell the stock to yourself to fund the corporation. Then buy the home in the name of the corporation. It will be a 20/80 financing or owner finance, but either is viable.

Check with a real estate attorney and get the corporation in the most favorable state.