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Hi, everybody,
I cosign for my brother in law to by a house. He foreclose before less than an year. I just got married and we wanna buy a house with my wife. My 1099 for the last year is $246000 and her w-2 is for $133000. We just bought a car on her credit for $75000, so she got a lot of debt. Is there any chance for us to purchase a house? HELP PLEASE
When was the foreclosure?
less than an year ago
According to me, if you have been contemplating buying a house you should not have made a huge purchase right now.
To me with that kind of income, that is not such a huge purchase. The problem that I have is when people do financial things after the loan process has started.
RE: Foreclosure.
1) Forclosure dates have a best case and worst case. Best is that the foreclosure date shows clearly on your credit report and that date is accepted by the investors underwriter (the person that actually approves the loan). Worst case is that the date is determined by the date that the house actually sold to someone else. That was "fun" to determine, so if you can get that information now, it may help you in the future.
2) You should plan on needing to be 3 years past foreclosure to get a loan. Actually a decent loan. You can get a loan now, but you would have to have about 35% down. So you could start off with a starter home, live there for 2 years, establishing a good mortgage payment record, then buy the home that you probably want.
Hopefully you will tell all of your friends to NEVER co-sign for anything, unless you want to make the payments.
Charles
Cosigning is dangerous unless we are ready to pay.