Life after a Foreclosure?

Is there Life after a foreclosure?

My story:

Husband and I have seperate accounts on everything. I live in FL and
it is a community property state, but he is not on my credit cards
and I am not on his either. He is filing chapter 7 this Friday. He
has filled out all the paperwork and plans on getting it back to the
attorney. Because he is filing only, (I have no real debt, not like
him anyways) they are only assessing 1000.00 instead of the usual
2000.00 for married folks. My credit is still very much in tact. No
lates, I am not even on the mortgage to the house we currently live
in even though the bank is threatening foreclosure. The mortgage is 3
months past due.

In the bankruptcy, my husband plans on letting the house go. Meaning,
he is not going to pay up the months past due. He is going to let the
house go back to the bank. We owe on it 200,000. Yeah, a big ouch.
How long is it until you can reestablish your credit from a
foreclosure? I always thought once you have a foreclosure, your
credit can NEVER be repaired. You will ALWAYS pay a higher rate of
interest and you can forget any of these subsidized programs
like "Ameridream" (where a govt charity pays your down payment) from
assisting you.

Is there credit repair after a foreclosure or are you screwed for
life? I am asking because husband wants me to now buy our next house
and I am not comfortable doing that. I only make 30,000 a year and if
he decides to be a real piece of work and not pay, I am screwed. Just
was wondering.




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