NO!!!!!!!!!!!!

And the truth is, you should NOT get another mortgage for a long time, until you figure out how to take care of money.

I love the part “having a kid caused the problem” . . .

Obviously, you cannot afford to own, so you need to rent.

The days of obtaining a home loan while in foreclosure are o-v-e-r.

He wouldn’t be able to if he owned the property and is on the mortgage solely. Lender will do a credit check and also will ask if there as has been any past foreclosures.
However if you have good solid income and are credit worthy, it is possible that you may be able to purchase a home in your name and and sign loan documents by yourself.

No, not possible unless you had ooodles of cash. Credit crunch referring to the car and home loan markets.

One thing you could do is declare bankruptcy, not pay credit cards, leave the house in the bankruptcy, and if you can work something out w/the loss mitigation dept, of your current home lender, you may be able to keep it. Have you been through the loss mitigation process with your bank yet?

Payments will have to be made on the mortgage though, and can be pulled from the bankruptcy, once the bank adjusts the mortgage.

Loss mitigation depts. are swamped , but many consumers don’t know they exist. When you call the collection dept does not want you to even know, want to generate payment.

Sometimes loss mitigation will adjust your loan, if you can show a situation changing in the next few months, and a temporary setback for the delinquent mortgage. Remember the bank does not want to foreclose, the last thing they want to do.

So, contact loss mitigation (stay away from third parties who do this, many are under states attorney generals investigation), they will go over a budget with you, and if you can show a situation changing, may adjust your mortgage. The bankruptcy will buy time. Sometimes bank may not want all delinquent payments, will allow for a “good faith” payment less then whole of behind pmts, but it will still be a high payment.

It sounds complicated but there are instructions on line, or try the national foundation for credit counseling, govt. and bank backed. They will give you correct info.

It depends on what actually appears on your credit reports from the time you apply for a new loan until it closes.

While the current foreclosure itself may not currently appear on your credit reports yet, all the past due/missed payments that have led up to the foreclosure certainly will be there.

So, it will probably be difficult to find a lender that would approve you for a new loan.

If you get a copy of your credit reports & scores, you can see what’s there now, and have a pretty good idea if someone would lend to you or not.

Not a chance.

Forget about getting a mortgage for at least 3 years.