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Successful Removal of foreclosure from credit before the 7 year?

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Hi All,
I made a huge mistake in 2015 in purchasing a timeshare from Silver Leaf resorts. I was single, no kids, and had a large amount of disposable income. My situation changed about a year later as I went back to school full time to get my bachelors degree. I defaulted on my payments and ended up being foreclosed on. Fast forward to now- I’ve completed my degree and started a family-and would like to purchase a home. According to the mortgage lender My credit score is 741 but no one will give me a loan until 10/2023 when this foreclosure will come off.
I’m just wondering if anyone has had any luck in disputing their foreclosure prior to the 7 year date?
i know sometimes people are successful having things removed early since the companies don’t always keep the original paper work-making proving the original debt impossible. Has anyone be able to do this with Silverleaf/Orange lake? I was hoping since they became part of the holiday inn company that paper work might have gotten destroyed/lost.
Thanks in advance.
 

rickandcindy23

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Write a letter to the credit reporting agency. I know that can work sometimes. Totally worth the effort. Tell them the circumstances. Timeshares are more forgiveable than other debts.

Good luck to you, and so sorry you are dealing with this.
 

bnoble

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According to the mortgage lender My credit score is 741 but no one will give me a loan until 10/2023 when this foreclosure will come off.
I'd shop around a little bit: "We won't do this" is one thing, but "No one will do this" is quite another. With that credit score, it seems like someone would be willing to extend a loan. It might be at a higher rate, but you can refinance after it rolls off.
 

Janann

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My credit score is 741 but no one will give me a loan

What do you mean by "no one?" There are lots of lenders who will do it despite the timeshare foreclosure. How many mortgage companies have you applied with? Make sure you include non-bank lenders in the mix.

Loans are always available, although they may not have the low interest rates and fees that you are hoping to get.
 
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Silver Leaf- Orange Lake Berkshires
What do you mean by "no one?" There are lots of lenders who will do it despite the timeshare foreclosure. How many mortgage companies have you applied with? Make sure you include non-bank lenders in the mix.

Loans are always available, although they may not have the low interest rates and fees that you are hoping to get.
I guess I should’ve specified that I’m trying to get a specific Massachusetts first time home buyers One Mortgage.
 
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Silver Leaf- Orange Lake Berkshires
What do you mean by "no one?" There are lots of lenders who will do it despite the timeshare foreclosure. How many mortgage companies have you applied with? Make sure you include non-bank lenders in the mix.

Loans are always available, although they may not have the low interest rates and fees that you are hoping to get.

I guess I should’ve specified that I’m trying to get a specific Massachusetts first time home buyers One Mortgage.
Thanks for your advice! I’ll look into other lenders.
 
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Silver Leaf- Orange Lake Berkshires
What do you mean by "no one?" There are lots of lenders who will do it despite the timeshare foreclosure. How many mortgage companies have you applied with? Make sure you include non-bank lenders in the mix.

Loans are always available, although they may not have the low interest rates and fees that you are hoping to get.

I guess I should’ve specified that I’m trying to get a specific Massachusetts first time home buyers One Mortgage. Thanks for your response.
 
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Silver Leaf- Orange Lake Berkshires
I'd shop around a little bit: "We won't do this" is one thing, but "No one will do this" is quite another. With that credit score, it seems like someone would be willing to extend a loan. It might be at a higher rate, but you can refinance after it rolls off.
Thanks for your reply.
I guess I should’ve specified that I’m trying to get a specific Massachusetts first time home buyers One Mortgage.
 
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Silver Leaf- Orange Lake Berkshires
Write a letter to the credit reporting agency. I know that can work sometimes. Totally worth the effort. Tell them the circumstances. Timeshares are more forgiveable than other debts.

Good luck to you, and so sorry you are dealing with this.
Thanks for your reply! I’m going to try this!
 

bnoble

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Massachusetts first time home buyers One Mortgage
You might not be eligible for that particular program, but there are lots of other possibilities for a home loan. You might end up paying a little more to close and in the first year or two in payments, PMI, etc.. But, that's not the end of the world; it just means you'll be looking at homes in a slightly lower price range. And, realistically, that's probably appropriate. After all, you did default on a loan, no matter how unimportant it was.
 
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Silver Leaf- Orange Lake Berkshires
You might not be eligible for that particular program, but there are lots of other possibilities for a home loan. You might end up paying a little more to close and in the first year or two in payments, PMI, etc.. But, that's not the end of the world; it just means you'll be looking at homes in a slightly lower price range. And, realistically, that's probably appropriate. After all, you did default on a loan, no matter how unimportant it was.

very true.
 
Joined
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Silver Leaf- Orange Lake Berkshires
Write a letter to the credit reporting agency. I know that can work sometimes. Totally worth the effort. Tell them the circumstances. Timeshares are more forgiveable than other debts.

Good luck to you, and so sorry you are dealing with this.
Just took your advice. Fingers crossed.
 
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