InnoVest Resource Management's Foreclosure Forum

Discussion Board Foreclosure Training Title Holding Trust Speaking Schedule Foreclosure Codes 50 State Foreclosure Basics 60+ Yrs Interest Rates News & Trends FAQ Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: credit after foreclosure follow up Posted by Ward-CA- on August 08, 2001 at 6:30 PM In Reply to: credit after foreclosure follow up posted by Silvia on August 08, 2001 at 1:33 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: Re: credit after foreclosure follow up bernice williams 2:53 PM, 08/14/02 (0) Re: credit after foreclosure follow up bernice williams 2:52 PM, 08/14/02 (0) 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. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Copyright © 1997-2001, InnoVest Resource Management

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455