Old Foreclosure

[HBradley]

My jurisdiction is: New York

A house that I purchased was foreclosed on about seven years ago. I have found out that the house was sold to the city that I lived in for a lot less than I owed on the balance of the mortgage. I'm not sure if this matters, but I lost the house due to losing my job at the time.

My first question is: Is there a way to have this foreclosure removed from my credit?

My next question is: If the foreclosure remains on my credit am I able to purchase a new house or does the foreclosed property have to be paid off first?

 

[dee_dub]

1) You might be able to get the foreclosure removed from your credit report by bugging the lender. It's entirely up to them if they want to remove it before your 7 years or whatever are up.

2) Depends on the foreclosure order. If the bank didn't pursue judgment against you personally for the shortfall (and often they don't), then you are free and clear. They took the house, you don't owe anything further on it. I suspect the only impact the foreclosure will have is that it will make it incredibly difficult for you to get another mortgage.