Latest Posts
Home > Ask The Get Out of Debt Experts > I was widowed and left with small children and big debts. – Luen

I was widowed and left with small children and big debts. – Luen

My husband died and I borrowed against the family home. My son was terminally ill, i had a 12 month old as well so couldn’t work. The bank forclosed, sold the house and couldn’t get all that was owed. It turned out I only owned a third share as husband died intestate. I recieved one letter stating I owed the shortfall of $26000. I was busy dealing with the dying child and never heard from bank again. I have moved on from the emotional side and want to re-build my credit but don’t know where to start. It has been almost seven years. Will I ever be able to borrow for a house again? Thank you so much for your time and consideration,

Luen

I was widowed and left with small children and big debts. - Luen by

Share This and Spread the Word

About Consumer

Consumer
This is information that was submitted by a third party and not generated by GetOutOfDebt.org or Steve Rhode.
  • http://www.consumerrecoverynetwork.com/ Michael

    Hi Luen,

    You can generally qualify for FHA home loan underwriting standards 3 years after the foreclosure.

    If you have taken steps to rebuild your credit since then, and can and/or have saved up money in order to put 5% down on the purchase of a new home, you will likely be in good shape to own a home again.

    Have you looked at your credit reports recently? What are the negative trade lines appearing currently? What are your current scores?

    Please post your answers in a comment reply and you will get some helpful tips and feedback.

Get My FREE Get Out of Debt Guy Newsletter

It is the smart thing to do.

I promise to keep your email safe and secure.

Close

I want to keep you posted each weekday with just one email about the latest get out of debt news, scam alerts and information to beat back debt.

You can unsubscribe at any time with just one click.

After you subscribe, check your email to confirm your subscription. If the confirmation email does not appear in your inbox in a few minutes, check your spam folder for it. Sometimes it likes to annoyingly hide there.


  • It will keep you posted on the latest scams.
  • You will be alerted to the latest articles.
  • You will wind up smarter than everyone else dealing with debt.