In June of 2017 had a negative situation on mortgage as follows:
1st Mortgage Principal Balance - 119,000, Did not make eight payments in a row. Monthly Payment $949. $3,000 late interest due.
2nd HELOC: Principal Balance 155,000, Did not make 36 payments in a row. Monthly Payment $1343, $28,000 late interest due.
In June of 2017, the HELOC was in process of foreclosure. We put the house up for sale, sold the house and the sale covered 100% of the amounts due the First and HELOC. Foreclosure halted and we were out of the obligation to the banks.
Since the sale of the house we have been renting for 2 1/2 years. We have no debt with the exception of credit cards which 100% of principal are paid off monthly and $7,000 from an education loan for college for daughter. All obligations including rent have also been paid on time. Monthly income has been stable since then. Wife and I both work
At time of home sale in June of 2017, our credit score was 625. 18 months later in December of 2018, credit score made it back to 722.
Then for some unknown reason, in May of 2019, credit score went back down to 632. As of today it is now 650. At all times the score report has noted there has been no negative credit news.
Am considering purchasing a home again after the first of the year. If we can prove the necessary income, have we gone through enough time since the mortgage fiasco of non payments to have a chance for a lender approving us for a mortgage?
Thanks,
1st Mortgage Principal Balance - 119,000, Did not make eight payments in a row. Monthly Payment $949. $3,000 late interest due.
2nd HELOC: Principal Balance 155,000, Did not make 36 payments in a row. Monthly Payment $1343, $28,000 late interest due.
In June of 2017, the HELOC was in process of foreclosure. We put the house up for sale, sold the house and the sale covered 100% of the amounts due the First and HELOC. Foreclosure halted and we were out of the obligation to the banks.
Since the sale of the house we have been renting for 2 1/2 years. We have no debt with the exception of credit cards which 100% of principal are paid off monthly and $7,000 from an education loan for college for daughter. All obligations including rent have also been paid on time. Monthly income has been stable since then. Wife and I both work
At time of home sale in June of 2017, our credit score was 625. 18 months later in December of 2018, credit score made it back to 722.
Then for some unknown reason, in May of 2019, credit score went back down to 632. As of today it is now 650. At all times the score report has noted there has been no negative credit news.
Am considering purchasing a home again after the first of the year. If we can prove the necessary income, have we gone through enough time since the mortgage fiasco of non payments to have a chance for a lender approving us for a mortgage?
Thanks,