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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: credit after foreclosure follow up Posted by bernice williams on August 14, 2002 at 2:53 PM In Reply to: Re: credit after foreclosure follow up posted by Ward-CA- on August 08, 2001 at 6:30 PM : : o.k. here is the situation. : : In 1995 my friend was encouraged to buy a house then repair it and sell it : : later. The thing was that him and another man took out a loan to buy the : : house with the help of a real estate agent that is friends with him. My : : friend really doesn't know english that well and I'm thinking he did : : whatever his friend told him and I imagine that he ended up signing the loan : : request and everything. Well just before they were going to take the loan : : out, my friend decided that he didn't want the deal. The other man and the : : real estate friend who had apply with him for the loan gave him his money : : back that he had used as downpayment and told him that he was going to take : : over the whole thing and that he was free of responsibility. Well my friend : : after this thought that he had nothing to do with the buy and that he had no : : responsibility and that the loan was not taken out in his name. He stayed there until 1997 and then left the country to take care of a relative without knowing that the : : loan was taken out. A year ago he came back to the US and was now applying : : for a credit card and he was denied because of a foreclosure. I looked more : : into it, got a credit report and found out about the loan back in 1995 and : : saw that it was foreclosed. Now we don't know what to do next to clear : : things up. I guess because he was out of the country he never got any : : notices and didn't know that he was in such a horrible debt. what is the : : first step we should take to clear up this mess? : =•=•=•=•=•=•=•=•=•=•=•=•= : Sylvia, you’re wondering what your friend can do to clear up his credit record now, after learning that he was duped into a loan situation that resulted in a foreclosure in his name 4 years ago. : I think the best he can do to try to ameliorate the situation is to take advantage of his right to put a 100 word explanation of this matter in his credit record, requiring that it accompany the foreclosure item whenever it’s reported to any credit inquirer. : It would probably help a lot if he gave out a written explanation of the episode to any party he's dealing with when submitting a credit application to them. : Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : o.k. here is the situation. : : : In 1995 my friend was encouraged to buy a house then repair it and sell it : : : later. The thing was that him and another man took out a loan to buy the : : : house with the help of a real estate agent that is friends with him. My : : : friend really doesn't know english that well and I'm thinking he did : : : whatever his friend told him and I imagine that he ended up signing the loan : : : request and everything. Well just before they were going to take the loan : : : out, my friend decided that he didn't want the deal. The other man and the : : : real estate friend who had apply with him for the loan gave him his money : : : back that he had used as downpayment and told him that he was going to take : : : over the whole thing and that he was free of responsibility. Well my friend : : : after this thought that he had nothing to do with the buy and that he had no : : : responsibility and that the loan was not taken out in his name. He stayed there until 1997 and then left the country to take care of a relative without knowing that the : : : loan was taken out. A year ago he came back to the US and was now applying : : : for a credit card and he was denied because of a foreclosure. I looked more : : : into it, got a credit report and found out about the loan back in 1995 and : : : saw that it was foreclosed. Now we don't know what to do next to clear : : : things up. I guess because he was out of the country he never got any : : : notices and didn't know that he was in such a horrible debt. what is the : : : first step we should take to clear up this mess? : : =•=•=•=•=•=•=•=•=•=•=•=•= : : Sylvia, you’re wondering what your friend can do to clear up his credit record now, after learning that he was duped into a loan situation that resulted in a foreclosure in his name 4 years ago. : : I think the best he can do to try to ameliorate the situation is to take advantage of his right to put a 100 word explanation of this matter in his credit record, requiring that it accompany the foreclosure item whenever it’s reported to any credit inquirer. : : It would probably help a lot if he gave out a written explanation of the episode to any party he's dealing with when submitting a credit application to them. : : Hope this helps. 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