Waiting On Charlie Marie..♥ asked:


My husband and I were looking into buying our first home with the intentions of obtaining a FHA loan. However, after doing some research a couple months back, I discovered that my husband had a terrible credit score of 547. The $11,170 student loan that his father was court ordered to pay during the divorce was more than 90 days late on 9 separate occasions. His father never told us that he wasn’t paying this loan, and since he was in charge of it, the only contact information they had was his father’s and his mother’s/his home address (with whom he doesn’t talk to). After talking to a mortgage loan specialist, we realized there would be no one that would approve us for a mortgage even given the circumstance. So some friends of mine graciously said that they will give us a place to stay so we can financially focus our money on working off his student loans. So my first question is, if we put more than $2,000 a month down on his loans, how long would it take before his credit score began to rise? Also, my husband threatened to take him to court for violating the court order where his father then said that he would only be able to get a $5,000 loan out to cover the costs. My second question is if we contacted the US Department of Education/Direct Loan (loan lender) and told them the situation, that we had $5,000 to put down on it, and that we could send a copy of the court order, would they remove most of the bad credit with the loan?
If someone could please give us some answers and insight into what we could do I would so very much appreciate it. This whole situation has put such a strain on our marriage and I don’t know what to do at this point.

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