Sounds like your situation was not unlike many others who were looking to make a quick buck at the top of the market. I would imaging that you used your credit to purchase with the understand that the "investor" would split the profits after sale with you. Is this correct? If so, the "investor probably told you that they could not qualify because, although they had huge incomes, the lender would not approve another home. Sound something like that? If so, your troubles could be far from over and not limited to a bad credit rating. If the loan was secured this way ad, the loan originated or, was sold to an FDIC regulated or government sponsored lender, what has happened looks like you could have a problem on the Federal level (mortgage fraud can be a serious Federal crime). Consumers and industry professionals have downplayed the consequences for this activity but, federal investigators have made this a high priority. If a payment was never made, you can be pretty certain that your loan will be reviewed. ( With the comment of "we both know I could not afford" sounds like you may have a serious issue on your hands). Before looking for another home to buy or, lease option, contact an attorney and advise them of the situation. Waiting for something else to happen would not be the best bet especially if there was any portion of your loan application that may have been misstated("we both knew I could not afford" reads like something had to have been manipulated to get the loan). Good luck. You are not alone in your situation but, you may have time to minimize the effects.

Hi Wanda,

I sympathize with your situation. Are you sure you were on the deed? Have you checked to see if the foreclosure judgment went against you both? If not, then it would be a good idea to do that first.

Also, technically, if your name was on the deed, though you might never have been a home buyer you were a home owner. For purchasing purposes you are considered a first time buyer if you have not purchased, sold or owned a home for three years. So, about the time that your credit situation improves other opportunities in the form of first time buyer programs will open up for you as well.

I would counsel you not to use any of the so called "credit repair" services to speed the process as most will only cost you money and won't be able to do anything legally for you that you could not do for yourself.

There are some wonderful books out there that give clear, concise step-by-step information on how one goes about cleaning up one's credit.

I am based here in the Claremont/Upland area and would be happy to help you in any way that I can. Please feel free to contact me so that we can sit down and see what options might be available to you now and to get a game plan for the future.

Take care and have a wonderful day!

Tisza Major-Posner, Realtor, I.V.P.G. (909) 837-8922