Can I qualify for a mortgage loan with an old charge off??

Tips and Deals Forums Home Mortgage Can I qualify for a mortgage loan with an old charge off??

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      My situation is as follows:
      I got divorced last year and kept the house but the mortgage is my father’s and my ex’s name (I didn’t qualify when we originally purchased it in 2008). I’ve been making the payments of $1780 all of last year and can afford to keep the house. I want to find out what are my chances of getting the house refinanced with my dad and deleting my ex or trying to get the mortgage in my name alone. The current rate is 6%. I pulled my score on the TU free website and it currently has it at 647, which would put me at around 4.1% making my monthly payments*less than*$1200. I can afford that as my monthly gross income is $5900 and have been steadily employed by the same company for 5 years. I have two open credit cards with balances of $3000 and $600 and my monthly payments less than $150 combined. I have no car note and other monthly household (utilities, gas, etc) expenses of approx $700. My major concern is a $25K charge off with AMEX that is six years old. If my research on this site*is correct, the date that caused the default is Feb 2006 which would make it due to fall off my credit reports in Feb 2013 (is that right?). I also have a closed CC account with 30, 60 and 90 late payments back in 2006. I’ve been current on all my payments since 2007. Would I qualify for a loan this year? I would like to get at least the house refinanced with my dad since he is the primary on the loan and delete my ex so I can claim the mortgage interest tax credit on my taxes next year and be rid of my ex all together. What are my chances of refinancing with my dad and trying to get a lower rate in the next 3-4 months? Should I attempt to refi now or wait until next year and lose out on the tax credit? Also once the charge off falls off my credit reports is that something that has to be disclosed on mortgage loan applications after it disappears??
      Thanks for your input!!!

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