Preparing For A New Mortgage In A Couple Months With Strange Circumstances...
I am a new user and this seems to be a very valuable forum. I look forward to becoming part of the team.
My situation is not too strange, but I am working on a plan to get a new mortgage sometime around May/June. I currently have a mortgage on my first and only home with with a payoff of just a little under $150k. I signed a PSA (Purchase Sale Agreement) with a developer in the middle of 2004 for $450k with a contingency for prel. plat approval. Its been a long wait, but May 2005 is should be the date but contractually it can run into June.
I realize that I will be walking away with a significant profit from the sale and that most mortgage lenders will see this as a plus. However, I have some concerns about my past credit and if the funds from the sale will be enough of a compensating factor for my credit issues.
I plan on purchasing a home in the mid 300's and using $100k of my own money. My combined credit scores are around 660 and I used some of my earnest money to pay off all dept, so my dept to income ratio is pretty good. I make 60k per year and have had the same job for 7 years.
As good as that may seem I do have: the following mortgage lates on my credit report:
1 x 30 - 2-2003
2 x 60 - 1,2003, 12,2002
1 x 90 - 1-2003
I actually did make partial payments on those dates and have verification but the bank shows them in, "Suspense" I have written numerous times to get it correct, with no luck. I will continue to pursue getting them off but am realistic that I may have some explaining to do.
Also have a bankruptcy which is scheduled to remain on my credit report until 12 -2005. Almost ten years ago! 
Equifax has already deleted it.
Also a car loan where I was the consigner of an ex-girlfriend. Paid of in full but 17 x 30 days late! Been paid off for over two years.
No other derogatory things on reports. Just those three.
I guess my question to the group is simply what I can expect when I venture out into the world of house hunting and mortgage lending? Any thoughts or comments are greatly appreciated.
Thanks,
Scott
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