Is it possible to get a mortgage if your previous house was repossessed?

My boyfriends house is being repossessed. He owned half of the house, the other half belonging to his friend - who is the reason why it is being repossessed; because he has not kept up with the mortgage payments. He plans to rent for a couple of years, and then apply for another mortgage. Will he be able to get another mortgage? Is it possible to get a mortgage if your previous house was repossessed?
Normally after a person has completed foreclosure or a repossission after 1-2 years you might purchase a property.





The person must maintain his her credit and reestablish credit. So making timely monthly payments on your current or new credit is absolutely imperative.





So any new credit make sure you pay the debt according to the terms of the contract.





The foreclosure or or repossession will remain on your credit report for 7-10 years, but this should not prevent you from getting another property in 1-2 years.





He will be required to explain in a letter of explanation why he has a repossession on his credit report,but this is normal when applying for a mortgage.





I hope this has been of some use to you, good luck.





';FIGHT ON';Is it possible to get a mortgage if your previous house was repossessed?
Of course he can get another mortgage to buy a house for his home. He may have his personal reasons to let the house repossessed. In order to get another mortgage later, he needs to convinced the bank that he is capable to pay the monthly repayments and has change his ways of life.
It doesn't matter who's fault is was that the mortgage wasn't paid. If you are listed on the loan, it's just as much your fault and the next person's. He will be able to get a mortgage in the future, but it may take longer than a couple of years. More like the 5-7 year time frame.
Probably not... or, at a very high interest rate.





I had a roomie blow the rent after I had moved out. I wound up paying off 2 months in full, since I was on the lease still, and when I went for a mortgage they gave me a higher rate for having that on my credit score.
go to BofA and he will need to co-sign with someone who has good to excellent credit.





But if he had proof that it was his fault and that he was able to afford it then he should be able to get one on his own
Yes. He will need to keep his credit clean for 2yrs. Make all payments and keep his job or show upward movement as he changes positions. FHA will be his best option after the 2yrs. As long as he keeps his credit clean you guys will be fine.
depends on his credit score, yea he can probably get another morgatge, but it will be of much lesser amount. Next time, dont go in on big investments with ';friends';.
I think he'll struggle but it will depend on the economy. If a mortgage lender is handing out lots of mortgages or if he has a large deposit then maybe he'll get one
it can screw up his chances but in this economy now it can be hard anywone