foreclosure 12 years ago

[Kish1820]

What is the name of your state? Louisiana
We are about to start a mortgage application and had a forclosure approx 12 years ago in Florida(young and naive and possibly taken advantage of). Does anyone know if this will still affect our chances for approval or for getting a decent interest rate, or have we served our time?

Also, this may be a stupid question, but are we legally obligated to report this to the company we are applying to since it was so long ago?

We currently have a signed seller's agreement, so would someone please reply soon?

 

[HomeGuru]

What is the name of your state? Louisiana
We are about to start a mortgage application and had a forclosure approx 12 years ago in Florida(young and naive and possibly taken advantage of). Does anyone know if this will still affect our chances for approval or for getting a decent interest rate, or have we served our time?


**A: and just how did you serve your time? If you now have good credit, pay your bills on time, do not have any judgements and have many bills like credit cards etc., ther eis hope.
*********


Also, this may be a stupid question, but are we legally obligated to report this to the company we are applying to since it was so long ago?

**A: read the actual question on the loan application and tell the truth.
*********

We currently have a signed seller's agreement, so would someone please reply soon?

**A: you should have already been in contact with a mortgage broker.

 

[Kish1820]

Thanks for the reply.Our credit scores now range from711-730, no judgements, and only 2 credit cards with fairly low balances. I have turned in an application with our credit union(I have been told they will keep the loan for the life of the loan...have to double check on that), and I did tell the truth, so we'll see what happens. Things are also a little more compicated as we are trying to do this from overseas