I really need help. I bought a house with my husband in 2020, with a job that paid over $150k a year. In 2023, we got divorced, I got laid off, and we sold the house. We sold the house to an investor, who bought it by giving us a Deed of Trust and promissory note, and said they would make the payments. They also told us that we wouldn’t have any problem getting a mortgage in the future, they do this all the time, and it would be very simple.
Fast forward to today, I have applied for a home loan in Arizona, but they told me Freddie and Fannie will not lend to me because my debt to income ratio is way too high (over 100%). I can’t claim the mortgage payments as income because they do not come to me, and there is nothing I can do with that mortgage in my name. My credit is in the 740-760 range, I have virtually no debt other than the house, I make 80k a year, and I have over $100k in cash, but according to a lender, I’m completely unqualified.
Is there anything I can do? Do I declare bankruptcy? Do I contact an attorney? If the buyer makes minimum payments until the loan is paid, I won’t own a home until I’m nearly 70. I don’t know what to do. I know I should have done a lot before I sold in this way, but I can’t go back time. I was extremely depressed and not in the best place to make decisions like this. Can I do anything now?
