My ex foreclosed the house in May, 2013. His name was on the first mortgage. My name and his name were on the second mortgage.He is the primary borrower and I was the co signer. When the house was on shortsale negotiating, we didnt' pay the mortgage. Foreclosure was happened when the bank and I were negotiating to pay off the payment in half at that time. As soon as home equity
line of credit(second mortgage company) found out that the house was foreclosed, they told me that the could not negotiate with me anymore and the loan would be charged off. The second morgage company advised me to call their recovery dept and negotiate with them. I called the recovery dept. They didn't have the file yet until Aug.2013. In Aug, when I called them, they told me that the account me and my ex had were filed bankrupt by my ex. So they said they would not do anything with me because the account is filed for bankruptcy.
I looked for the internet..and all internet site showed if the house was foreclosed or if the one part of the account holder filed the bankrupt, the bank will come after the second account holder. Also, I was not able to buy the house for 7 years or 3 years because the homeloan was filed for bankrupt and also the house was foreclosed. The bankruptcy lawyer (I met one time) told me the second loan is like credit card, I should pay.
I called the bank, they said...bankrupt is still processing and it will be over by Nov. 2013, then they will let me know. They can't gurantee to do anything.
I checked the Credit Karma and it showed the second home loan was closed unpaid.
I read an internet site, they said I needed to negotiate (if there was charged off account, if I am lucky) and ask the bank not to show the history of forclosure or bankrupt in my credit history. I asked the bank if they would hand over this account to the third party after bankrupt is finished. They didnt say any.
My questions are
1. Is there possibility that I can negotiate with the bank to pay off and request the remove the history of not paying or foreclose of the house. In the Credit Karma, there was no history of foreclosure in my credit but the loan was closed unpaid.
2. Is there anyway that I can borrow loan next year?