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Can we get a mortgage?

We recently had a forclosure. We bought a home when we were both 20 that we could not afford. We tried to make it work for 6 years but in the process killed our credit and had to let the home get forclosed on. My parents who have excellent credit are willing to cosign for us, only because since the forclosure we had paid off all debt except for a seconed mortage we did not feel right about walking away from b/c we can afford to pay it and my student loans.We both have credit scores of 590. Is there hope? by dchwalek from Wyoming, Michigan. Jul 4th 2011 Reply

Brenda Casas (BrendaCasas)
#17 ranked lender in Nevada - 11 contributions

I have a pretty nifty chart on my blog regarding the time frame you have to wait after bankruptcy or foreclosures:!!!I hope that helps. But from what you've described, you unfortunately can't get a mortgage. Even w/ excellent credit, there's a waiting period after foreclosures.I would use this as an opportunity to pay down some debts and improve your credit and hopefully when the waiting period has passed, you both can qualify. Best of luck!

Jul 5th 2011
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