Posted on: 07th Jun, 2012 06:48 am
I gave my ex-wife the house in our divorce. Twoo years later my buisness closed due to the bubble. I filed chapter 7 and included the mortgage. It has been 4 years and there is a caviers claim against me they just forclosed on the house. The caviers was put on way before forcloser but nobody knows how to remove it. Do I have to wait three more years for it to come off because they just forclosed on the house I have not lived there since 02?
The foreclosure waiting period starts from the date the home was recorded as foreclosed, meaning the date the bank took over or sold the home via foreclosure sale. You would have to wait 3 years. Unless you can show extenuating circumstance such as death of primary wage earner or something similar, you can get below the 3 year waiting requirement.
Hi rhall,
I agree with what Chris has said. 3 years is the minimum waiting period. However, as foreclosure is a negative item, it will remain mentioned in your credit report for 7 years.
I agree with what Chris has said. 3 years is the minimum waiting period. However, as foreclosure is a negative item, it will remain mentioned in your credit report for 7 years.
