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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,


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This is information that was submitted by a third party and not generated by or Steve Rhode.
  • 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.

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