8ball

I'm not a NJ expert so you would want to verify this- Qualifying for an FHA Loan After Foreclosure To qualify for an FHA mortgage loan, you must wait at least three years after the foreclosure. The three-year clock starts ticking from the time that the foreclosure case has ended, usually from the date that your prior home was sold in the foreclosure proceeding. Generally, the home is "sold" at the Sheriffs auction. The high bidder, usually the bank, is awarded a Sheriffs deed. Most states have a statutory redemption period, in MN it's 6 months but it looks like 1 year in NJ. During the redemption period you have the right to buy the house back from the high bidder for the amount they bid. If the house isn't underwater we work with sellers to sell the house during this period. I would just call and talk to a local lender to find out what their dates are? Some lenders have tighter rules than what FHA publishes.

Checking in Thursday for 11 days in Cape Coral, Fl. VRBO rental , 4 bedroom house with hot tub and pool. Daughters family will arrive Friday night and the grand kids will be heading straight to the pool. (It's cold up here in MN). Paid for with Wells Fargo Cashwise Visa

I just wanted to add a little more- I just meet with a BOA loan officer we work with and asked her your question. She agreed on the 2 years but said that if you were applying now they would ask for 2017 and 2018 tax returns and a P&L for 2019. (Since most people haven't filed 2019 so they can't pull it from the IRS).

That will vary by lender but I think the conservative ones will want to see at least the last 2 years of tax returns to see consistent income.

I sell real estate and work with a lot of lenders. They like a debt to income of 35% but FHA can go to 43%-45%. Since your above a 580 credit score you can get a 3.5% down loan but they are going to go off your AGI. The fact that your income has gone up recently doesn't count for much with self employed income. They want to see consistent income over a period of time.

We get a lot of vigorous exercise in Minnesota. When the windchill is -20F you tend to walk fast. 😁

Eddie is going to wait until Mpls gives him a nice fat payout to leave the lease early.

There should be no problem rolling over, if your current plan allows for it, from an old 401K into a new employers 401K. If you were moving it to a roll over IRA there is a suggestion that keeping it separate is best. While the maintenance of separate accounts is not explicitly required under law, it helps to avoid potential issues during a bankruptcy proceeding. With separate accounts, the origin of assets is easy to document and the asset pools are easy to track for purposes of securing all available bankruptcy protections. https://www.investopedia.com/ask/answers/081915/my-ira-protected-bankruptcy.asp

We split the difference. My wife took hers right away at 62. I'm still working, selling real estate, and I'll wait until at least full retirement age. If I croak then the wife can switch to 50% of mine. I look at SS as longevity insurance since we don't need it to pay the daily bills.

I'm not sure what restoring the job market means? Smoke belching manufacturing plants are not coming back. It seems like the key to not be mired in debt is simple- Get an education or learn a skill. Don't get married until you have a stable job. Don't have kids until you have achieved the 2 above. None of that means there won't be problems in life- medical bills, divorce or a failed business can sneak up on you at any time. If you have job skills or a trade to fall back on it's a lot easier to rebuild. There is a lot of success stories on this site of people that have recovered from an adverse situation and are doing fine now.

As an R/E Agent this is something we constantly warn our clients about. Always verify with the Title Company before wiring any funds.

Thank you!

Did you wait a certain amount of time after discharge?

I had a business bankruptcy, with assets, and ended up burning Chase, Wells Fargo, US Bank and American Express. BOA and Discover both turned me done (even though Discover said I was pre-qualified). I was going to wait for the 2 year mark for my credit union so I'm not sure who else I would apply to. I have enough credit with the wife's cards that I don't want to just throw apps out there.

November 2019 will be 2 years since my BK was discharged. I got a CapitalOne Platinum card immediately after discharge with a $3,000 limit. (It's now at $3,500, never have asked for an increase). I apped BOA and Discover a couple of Months ago and was declined even though they weren't IIB and I had been a long time customer. I currently have the Platinum card and a Kohls card that survived the BK. I'm an authorized user on 2 of my wife's cards. CapitalOne asked for current income a couple of weeks ago, around $150,000, and today I got a pre-approved offer for the Quicksilver. No annual fee but it says you can get "Access to a higher credit line after your first 5 months on time payments." I'm assuming this means it's another bucketed card. I assume I need a third card but I don't really need the credit lines for anything so am I better off waiting and trying Discover again at the 2 year mark? Experian Fico 8- 684, Fico 9- 710 Fako scores all in the 740 range. 1 inquires showing on the bureaus. Thanks