Can i buy a house now??? (property tax, foreclosure, credit score, property)

[JOLU]

What happens if my husband & i were on the title but someone else was on the mortgage. We were making the payments but this person claimed the property taxes. After three years we sat down and decided to let the house go on foreclosure because situation was getting worst and worst. My question: What are the probabilities that my husband & i can buy a house now? Our credit scores are good but will the banks turn us out down becuase we were on the title of a house that has been foreclosed?

[chet everett]

Originally Posted by JOLU

What happens if my husband & i were on the title but someone else was on the mortgage. We were making the payments but this person claimed the property taxes. After three years we sat down and decided to let the house go on foreclosure because situation was getting worst and worst. My question: What are the probabilities that my husband & i can buy a house now? Our credit scores are good but will the banks turn us out down becuase we were on the title of a house that has been foreclosed?

What do you mean that you and husband were on title, but another person was on mortgage? How is that possible? Lenders don't give money to third parties -- they lend to those who are on the title. If you have a lien recorded against a property to which you hold title then YOU are responsible for that lien.

Are you saying that your taxes went unpaid and the buyer of the tax lien then bought the house when you lost it in forclosure to the lender?

If so then, hard to say this any other way, you failed to pay the tax man AND the lender.

Your credit cannot be "good".

If there is something missing?

Even if you otherwise have a good record of paying back other debts, no lender will be eager to give you money knowing that you have bad debts to tax collector and mortgage in your past.

Again, not meant as a criticism, but to just "sit down decide to let the house go to foreclosure" is NOT the way to handle this -- if you made any attempt to work with the lender / sell the house you almost certainly would be in somewhat better shape. Foreclosure hurts long after home's gone, so cut a deal while you can - USATODAY.com

[ZugZub]

Originally Posted by JOLU

What happens if my husband & i were on the title but someone else was on the mortgage. We were making the payments but this person claimed the property taxes. After three years we sat down and decided to let the house go on foreclosure because situation was getting worst and worst. My question: What are the probabilities that my husband & i can buy a house now? Our credit scores are good but will the banks turn us out down becuase we were on the title of a house that has been foreclosed?

Rent.

[Briolat21]

If you were on the title, but not on the mortgage (maybe your friend, your parent, whomever was) - you were not legally responsible to pay the bill.

Whoever was on the mortgage is the one who will be responsible and take the credit hit. You will just be the "evictee". As in "I was living in my friend's house and they decided to stop paying the mortgage and I was evicted".

if you buy a new house - make sure its one you can afford and good luck to you!