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Mortgage and Home Equity Forum Credit requirements pertaining to Mortgages, Sally Mae, HUD, Foreclosures, home equity lines of credit. Discussions about Real State in general belong on this forum. What you need to know prior to buying and selling a home, real estate investing ideas. This and more can be forun here.

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Old 09-07-2008, 10:24 PM   #1 (permalink)
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Help! Used and abused for my good credit

My husband and I both entered into a low risk, low yield real estate investment in hopes of helping two families avoid foreclosure. In the end, we were taken advantage of and we both have a foreclosed home on our credit report. We own our own home (in which the payments are in good standing) and want to move soon because we are expecting a baby. We both had stellar credit before this unfortunate incident and don't know what to do. Is there any hope for our credit scores? Will we ever be able to buy a home again?
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Old 09-09-2008, 05:39 PM   #2 (permalink)
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Re: Help! Used and abused for my good credit

You will be able to buy another home. It will just take time. One thing that you need to do is to find out when the foreclosed home sells (or if it has sold) Keep this proof, as you may need it. In 3 years you will be able to buy your next home. I am sorry to hear that you got burned in this deal, just trying to help people out, but it does happen frequently.

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