Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

2 Bumps

I went through a home foreclosure 5 years ago through Wells Fargo....

Well things are looking allot better now and we are looking into buying a home hopefully within the next year.Our foreclosure has still not dropped of our credit and i was told that we could possibly request that they drop the foreclosure of our credit. Has anyone else been succesful with this or even heard of this?

 
iluvmykidsxoxo

Asked by iluvmykidsxoxo at 9:59 AM on Nov. 18, 2010 in Money & Work

Level 20 (8,727 Credits)
This question is closed.
Answers (5)
  • Foreclosures fall off in 7-10 years. It is possible to ask a creditor to remove a negative report from your credit, but it doesn't meant that they will agree to do it.
    HotMama330

    Answer by HotMama330 at 11:27 AM on Nov. 18, 2010

  • Why the vote down? I gave decent advice some just don't like the truth I guess. This instant gratification generation we have will be our downfall. Make sure to vote this down too OP.
    Anonymous

    Answer by Anonymous at 2:22 PM on Nov. 18, 2010

  • I doubt they will drop it off your report. If you have a good down payment (20 percent) and the right income to afford a home you will likely get a loan. The interest rate might not be that good without paying points. I would wait until you do have 20 percent to put down, have at least 5k in a rainy day fund for home repairs and a years worth of living expenses in savings. It might take you longer but better to wait a couple more years and get into a home you actually can afford and not go through a foreclosure again.

    Anonymous

    Answer by Anonymous at 12:44 PM on Nov. 18, 2010

  • I don't think you can do that. It will fall off on it's own eventually. You can, however, still qualify for a home loan with certain companies. Remember, a house is considered collateral, so as long as you can make a payment, someone will give you a loan.
    m-avi

    Answer by m-avi at 10:27 AM on Nov. 18, 2010

  • Why not go through the pre-approval process and see if you qualify?
    tasches

    Answer by tasches at 5:46 PM on Nov. 18, 2010

close Join now to connect to
other members!
Connect with Facebook or Sign Up Using Email

Already Joined? LOG IN