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Sparky0967

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Will a paid auto repossession over 3 years ago prevent me from getting a home loan?

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I forgot to add, do some reading on GOODWILL LETTERS as that may be of help to you. Basically it is a letter to the lender/debt collector asking for forgiveness and removal of the negative account from your credit reports. On occasion this does work for some people.

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If that is the only negative thing on your credit then it probably will not prevent you from getting a mortgage loan since you paid the negative account. It may however narrow the field of lenders willing to lend to you. Take your time and do thorough research on mortgage lenders to see which ones you have the best chance with.

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and auto repo that is paid off will not automatically disqualify you from getting approved. typically mortgage companies want deliquent accouts to be brought current, since it's paid that is OK. as long as you meet thier other requirements, credit scores, tradeline requirements, income, reserves. the list goes on. 

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