Does some one know if i have a chance of deleting foreclosurese from my credit report ?

Question

When I turned 18 my parent told me that they were going to put their home under my name, at that time I did not know if that was a good idea but since I was still leaving with them I just did what they told me too, I was not aware that the payments were not being made on time and then I guess they stopped paying and that’s when the foreclosure our home. Now im cursed with bad credit for 7-10 years…

Answer 1

Why am I having such a hard time believing any of that was true?  

Answer 2

I don;t think they could put teh actual mortgage in your name - did you actually check your credit report - they have put your name on the deed, but that has nothing to do with the mortgage or foreclosure black mark - I think you should be okay - just check - you can always contact the credit bueaus and plead your case - saying your parents put the house in your name - you had nothing to do with the mortgage - you would have had to have cosigned the mortgage to be responsible and if you didn't sign anything, I don't think you have any worries

Answer 3

Sorry but the Fair Credit Reporting Act says derogatory accounts show for 7 years from the date of first delinquency.

That's why they call it credit history.

Answer 4

Deletions by creditors are possible from a credit bureau report.  However they are made by the creditor in exchange usually for a settlement amount, less than the full amount owed, as payment in full.  It is usually utilized for credit card debt.

It would be hard to do for a foreclosure.  The amount I would think would be so high, that if you had enough to negotiate a deletion, you would also have enough money to pull the house out of foreclosure thru the mortgage mitigation dept of the bank.  If you are still in the home, contact the bank and ask for mortgage mitigation dept, the collection depts, want to collect, and don't want you going there, many people don't know these depts exist.

If you are out of the property already - a deletion is possible for any credit mark, but the amount to delete a foreclosure would probably be enough to BUY another house.  It would cost big bucks.  Big, big bucks.

One thing, if your mom and dad put house in your name- and this is possible during the last few years contrary to some posts here- No doc loans, and little documentation needed, they may have committed fraud.

Like I said this has been a big problem during the current mortgage crisis, the other things banks were doing to avoid private mortgage ins. is give two loans- one for 80%, and a second mortgage for 20%.  Pmi only needed when less than 80 % put down, so this avoided further scrutiny, and was completely illegal.  This loan packeged into a bond and security, and sold to investors- who had no knowledge that the loan had no equity in it, nor ins. so they were insured to get the first 19% back, and then could foreclose.

So,,,,,,,this is plausible.  However, sounds like mom and dad did something questionable, and where you would get enough money to settle a foreclosure,,,,,,,rare, ,,,,,,,,reserved for the very wealthy, millionaire investors.

Answer 5

I find it hard to believe that at 18 you had sufficient credit history to qualify for a mortgage.  That's the only way the loan could be in your name.

But if your tale is true, you are stuck with that negative for the full 7 year reporting period.  There is no way to remove legitimate derogatory items from your credit file.

Answer 6

To the best of my knowledge a house cannot just be put under someone else's name. This can only be done by either giving the title to someone and/or re-financing it with another person (you) on the deed.

What would be the purpose of putting it under your name if they weren't making payments anyway? This doesn't make any sense.

Moreover at only 18 you're hardly in the position to make mortgage payments.

Not only do you need to get it off your credit report but your name off the title all together.