by jayjaythedj on December 26th, 2004

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I've been in debtors court with a delinquent mortgage. Is it possible for me to buy another home? Are there programs available to me while I am debtors court?

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by Scott D - ex-QnA on October 6th, 2008
What makes you think that another lender might think that your mortgage payment history was worthy of another go-'round?

Indeed, in stronger capital markets you could purchase a home within a year of foreclosure with 10% to 20% down. This was part of what lead to the subprime mortgage meltdown.

That was then, this is now. I suspect that after the banks are again liquid, you might be able to qualify for another loan after three years of a strong rental history, three or four open and active credit tradelines with no late payments, absolutely no other derogatory credit entires (e.g., Judgments, charge-offs, or collections).

In other words, lenders will no longer prove themselves as irresponsible as you have been.
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by steve on October 6th, 2008
2nd lien holder hasnt acted other then a letter asking for full amount to be paid in full with penalties
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by steve on October 5th, 2008
i havent paid on 2nd mortage in 10 months yet up to date on 1st. If i sold house might make 1/2 of what is owed on 2nd mortgage. my question is can i save my house without selling it and somehow neg a pay off on 2nd mortgage with that bank? If so what percent should i expect to pay off?
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- You might be able to negotiate a Short Sale on your home, in which cast the second lien holder will write down the loss. This is why banks are no longer lender to one another -- they have taken immense write-downs for the past year to where they have no liquid cash left.
  
  Paying on your first mortgage will not generally "save" your home, unless the second lien holder fails to foreclose.
  
  Incidentally, what did the second lien holder ever do to you? ;-)
  
  Please consult an experienced Realtor in your area to discuss a Short Sale possibility and the potential tax consequences if not conducted properly.
  
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  by Scott D - ex-QnA on October 6th, 2008
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I've been in debtors court with a delinquent mortgage. Is it possible for me to buy another home? Are there programs available to me while I am debtors court?

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I've been in debtors court with a delinquent mortgage. Is it possible for me to buy another home? Are there programs available to me while I am debtors court?

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