My Wife is trying to buy a house and my credit is Messing it up!! Please Help!!!

[splassoc]

To anyone out there that can help, this is my situation.

My wife is trying to buy us a house and she has good credit and my credit is completley messing it up. I was a business owner and long story short it went sour, lost my house(foreclosure), cars(reposessed), and business so I filed for Bankruptcy, well before my court date I decided not to do it but all the paperwork had already been filed, I have a judgement against me that went away because of the paperwork filed from bankruptcy, as well as the remaining debt that I owed on my repossessed car and my student loans. The only thing hurting me that is going to quite possibly hinder us getting a house is the judgement. I haven't heard from NCO since the BK and I never made a BK payment. This was back in 2007 and I know the SOL isn't quite up yet, and I know the debt was mine but what do I do now so we could possibly get a house? I am finishing up school and will be making great money come May. Would writing a letter explaining my situation to the title company do any good? Is there anything I can do as far as contacting NCO and working something out so that we could get this house?

Any help would be appreciated!

[Denita]

You dismissed the BK before you had your hearing in 2007?
So, in essence the judgment still exists since it was not discharged in the BK. Go to your states statutes to see how long a judgment lasts in WI. It looks like it is good for 20 yrs, but I didn't read your statutes.

It looks like WI is a community property state and that is why you have to take care of the judgement before closing.

There may be another way to handle it by getting the judgment vacated. However most creditors will challenge you on that front (its worth a shot).

Or, if you can't pay the judgement or vacate the judgement you might have to have your wife visit an asset attorney to see if the property can be titled in another way (like a trust) that doesn't involve you. If she ends up with a trust, the lender has to have a copy of the trust before they will issue the loan. There is more than one way to title a property - a good asset attorney can guide you appropriately. You would need to do this before closing.

[splassoc]

Thanks for the help I'll look into the Asset Attorney.

[mj22]

I may be in the same boat soon, thanks for asking the question OP.