removing a foreclosure from my credit report

[jtindisguise]

I have one foreclosure showing on my credit report. It is preventing me from buying a new house. Can the bank report the foreclosure after I filed ch 7? Any ideas on how to get it removed?

[BankruptinNJ]

A foreclosure can stay on your report for at least 7 years after filing. However, if you have a BK on your report, I wouldn't worry about the foreclosure since the BK wrecks your credit anyway.

How long ago was the foreclosure? Have you already filed bk?

Don't be so obsessed with buying a home. Rent for awhile. It's less stressful, as long as you have a nice landlord.

The important thing is to establish good credit after your discharge by paying your new debts (credit cards, car loans) on time. And save, save, save! You need liquid savings plus you want to save money for a down payment. And please put money away for your retirement. That should be a priority! That's much more important than tying up your money in a house!

Time is your friend.

[HHM]

How long ago did you file BK and how long ago was the foreclosure.

The foreclosure on your credit report is not really the issue, they would have found the foreclosure anyway through a "previous address and disposition" search for other properties you owned.

[jtindisguise]

Not sure I asked for savings advice. I have well over 6 figures of cash on hand and my credit score is fine and my retirement is fully funded. At issue, as mentioned, is the foreclose. The underwriters are okay with the bk, but lending requirements require a 3 year wait after a foreclosure. I filed in May 09. The foreclosure occurred the same month.

[HHM]

Bottom line, no way around the 3 year rule unless you go with unconventional financing (hard money lender, owner finance, etc). The only other option is to submit a special circumstances letter explaining the BK and foreclosure.

[BankruptinNJ]

Not sure I asked for savings advice. I have well over 6 figures of cash on hand and my credit score is fine and my retirement is fully funded. At issue, as mentioned, is the foreclose. The underwriters are okay with the bk, but lending requirements require a 3 year wait after a foreclosure. I filed in May 09. The foreclosure occurred the same month.

I'm sorry, I only said it because owning a house now is not the American Dream anymore (so many people are in foreclosure around where I live, and house prices are STILL sky-high). I wasn't sure why you wanted a house so soon after foreclosure and bk.

Sounds like you've done a great job in rebuilding your finances!


As HHM said I guess you will have to wait another year to get a house. Good luck.