Credit Repair

Merkaba · Joined: 21 Sep 2005 Posts: 1

In 1998, I lost a house through a divorce to my ex-wife. The mortgage was in my name alone, but the divorce decree stipulated that she make all payments (mortgage). It also required her to obtain a mortgage of her own, or assume the one already in place. Needless to say, in 2003 the house was foreclosed upon with the mortgage still in my name.

I have had no late payments in my 25 year credit history, prior to, or since the foreclosure, which was not even me. I recently was denied credit for a small auto loan from 3 separate lenders, all citing the aforementioned foreclosure.

I own a home outright, have no credit debt of any kind and have money in the bank, yet when trying to explain the circumstances to lenders, it seems to fall on deaf ears as they only go by FICO scores.

I wrote letters of dispute to the major Creit Reporting Agencies in 2003, but tomlittle avail.

Is there any method of getting the foreclosure expunged from my credit report, or repairing the damage?

The Mortgage-Pro · Site Admin Joined: 19 Jan 2005 Posts: 2248

Any item on your credit report can be removed but it will take allot of work. You would probably be better served by establishing some new credit accounts. You may need to start off with secure credit cards. After six months or a year you should start to receive credit offers again.