My ex is alloiwing our house to be foreclosed. Can I purchase a new home?

would need much more info, but in general, if you're on the mortgage or the deed, and the home forecloses, regardless of what your divorce decree states, it will affect your ability to purchase a new home.. it could prevent you from purchasing, or at the very least, make it very difficult..I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Possibly. I have closed loans for people like you, but as usual, the devil is on the details. Contact me so I can gather additional information about your particular circumstances and let's see if we can make you a homeowner. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Are you on the mortgage and title to the home he is letting go?

That is a loaded question. If you got off the loan and off of the title and you are completely divorced you should be clean and Ok to buy a house with no issues. If you were on title OR on the loan it will show up and you will need to wait 3-7 years depending on loan program.

If you are on the mortgage and title of the home, you will run into some issues as it will show up on your credit history, requiring you to wait 3-7 years before you are eligible to purchase again depending on the circumstances.

When you signed your loan papers, you signed a binding contract that requires both you and your co-borrower to make timely monthly payments all the way up until the loan is completely paid off or until it is refinanced with a different lender. This means you are jointly and individually responsible for making those payments regardless of what happens in your personal life. So if your ex suddenly stopped making payments, you were contractually obligated to make those payments yourself. Your failure to make those payments can result in a foreclosure on your credit record which will not be looked at any differently by mortgage underwriters than if you had been on the loan by yourself. Although it is indeed possible to purchase another home in as little time as two years if you have a foreclosure on your record due to extenuation circumstances beyond your control, foreclosure due to a separation or a divorce is never considered an acceptable excuse.

Not if your on Title.

As all others have stated more info is needed and the Divorce Decree does not relieve you of liability on the loan if you are on the loan. If you are on the loan, and want to buy another, then I suggest you make those payments she is behind on and get that house sold, OR, if she is willing to let it go then why don't you just move into that one and sell it.

If your on the loan the you will have to wait 3 yrs from the date the DEED was recorded with trustee.. sometimes that could take months even years, so the clock doesn't start ticking on the 3 year waiting period until its recorded. Now if your just on the deed it will still show up on the credit report most likely and if so then the same rule applies as above. If you have VA eligibility, then the wait is only 2 yrs from recording date.

Maybe... Generally speaking, if all the negative activity and the foreclosure are AFTER the divorce in which she was awarded the house, lender may disregard the foreclosure and allow you to purchase. BUT, the foreclosure is likely to kill your credit scores, which may prevent you from buying. Good luck. www.JoeMetzler.com

Would need more info, but if you are on title and mortgage then no you can't.Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation.Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com

If the house was refinanced into her name only and you quitclaimed the deed into her name only you are in good shape. If not, once the home is foreclosed on you will have a waiting period of a minimum of 3 years after the date of the sheriff's sale.

A current foreclosure will be a serious, if not fatal, challenge to obtaining a purchase loan. Consider a lease, with option to purchase.

More information is needed to provide you with an accurate answer. If the mortgage was obtained and secured by both of you and you moved out even though perhaps your divorce decree stated he had to maintain the mortgage payments, you are still liable to the lender. Many people do not understand that a divorce doesn't necessarily release you from obligations you had while married. You need to review the loan documents and see if you were on the loan application (1003) was your income and assets used to obtain the loan along with that of your spouse at the time? If both of you signed the loan application then you will most likely see a foreclosure on your credit report(s). If your income and assets were not used to secure the mortgage then you were only on title and not financially responsible for the loan and the foreclosure will not affect your credit. Best of Luck...

Don't let her allow it. I would recommend a short-sale, or a loan-modification even if you are struggling with payments. A foreclosure will hurt you much more in the long-run. There is going to be a long seasoning period before you can EVEN consider purchasing another home, or even refinancing another existing mortgage. A loan-mod and shortsale will hurt your credit just as a foreclosure will, but the foreclosure will mandate a seasoning period. A foreclosure may remain on a consumer's credit report in the public records section for up to 10 years. We are licensed by the attorney general to handle loan modifications and are agents are experienced in short-sales and wil always recommend these two options against a foreclosure.Give us a call and we'll help you save your home today! 888-733-4224.

You may be able to get an exception even if you were on the title and note when it foreclosed IF the property settlement agreement assigned financial responsibility to your ex. There are other details and considerations, but in this situation you may be ok. I am always happy to assist whether I work on your financing or not; So if you need more information, a pre-qualification, or a competing rate quote you can go to my web page and use my live support button to discuss or get advice on anything at all with me. Web Address is: http://www.loansfromrob.com/quote/ Email is rhanson@gladewaternational.com and direct phone is 240-752-7549. Good Luck -- Rob Hanson

As always the answer is "it depends"