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Is it true that I can't get a loan until 7 yrs after foreclosure?

My ex was awarded the house in the divorce. He was unable to refinance it without my name on the loan. The house was foreclosed as he stopped making the payments AFTER the divorce was final. I fought to get my name off the loan but was unable to as he wouldn't sign the papers. I wrote a letter to the credit bureaus to get it off my credit report but was told that they wouldn't do it.

Do I really have to wait 7 yrs before I can get a house loan?


Asked by tempsingl3mom at 10:39 PM on Jun. 11, 2013 in Home & Garden

Level 26 (27,595 Credits)
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Answers (3)
  • No, but it will take awhile to build up your credit again. If this is the only negative thing on your credit report, it shouldn't take too long. Request a copy of your credit report and fix any negatives (balances owed), that you can. Also, start saving up for a down payment. A large down payment will help as well since you won't be borrowing as much.


    Answer by JeremysMom at 11:22 PM on Jun. 11, 2013

  • Go to a lawyer and have his/her paralegal get the paperwork from the divorce awarding him the house and releasing you from responsibility. Have the paralegal draft and notarize the letter to the Credit Bureau.

    If you were foreclosed on or you filled bankruptcy the rule is 7 years. There are exceptions made however.
    It is best to bite the bullet and pat the paralegal and get it behind you. Be sure the paralegal send it to all 3 major CBs

    Answer by Dardenella at 11:21 PM on Jun. 11, 2013

  • Somewhere in your divorce papers there should have been a decree releasing you from any responsibility with the house.

    Answer by PartyGalAnne at 1:41 AM on Jun. 12, 2013

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