Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Mortgage
Profile Image

Question By
CatHairIsTheNewBlack

1 Contribution
0 People Helped
Obtaining a Mortgage After Foreclosure and Bankruptcy
My first home was foreclosed on in December 2008 and my husband and I filed for Chapter 7 bankruptcy which was discharged in March 2012. I have been employed for 30 years at my current job, have a 711 FICO and my husband who is disabled has a FICO of 722. Our only debts are two credit cards with about 10% utilization which we pay in full monthly. We are currently in California but would like to purchase a home in Florida in the $100K - $135K range with about 35% down. What are our chances of obtaining a conventional mortgage? Thanks for your help.

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
935 Contributions
134 People Helped
Most Helpful Response

Helpful to 1 out of 1 people

The foreclosed home from 2008 shoud no longer be on your credit report and if it is there for reference, it is not part of your credit score and should be be used in any credit decision.  if it is still there, consider a dispute to have it removed based upon the date of the item.  The foreclosure will not help your chances.   The bankruptcy will remain until 2022.  However, as it is nearly 5 years from the discharge date, firms will consider your current financial position in its decision.   While I'm not a lender, I know others who have been out of bankruptcy in the time frame you are in and they now enjoy the benefits of home ownership.  it all depends upon the lender your select.

1 Contribution
0 People Helped

Hi Faidros, thanks for your reply. The foreclosure doesn't appear on my credit report any more but I'm sure they'll ask if I have had one or that they may discover it. I'll just hope for the best I guess.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.