One thing you could do is file for bankrupsy.
Yes.
A foreclosed home can take seven years before it is taken off your credit report. You can build your credit back up in about three years if you continue to pay all your bills on time.
it currently takes 7 years for something to come off of your credit report
7 years is the reportable limit for normal tradelines. Bankruptcies stay on for 10 years.
Call the bank and sort it out
A debt will stay on your credit report for seven years after the date that you were originally delinquent on the account. After seven years, this debt is taken off of the account.
Your debt is always taken into account. If your income can handle the credit debt and the mortgage there should be no problem. High credit card balances do not mean bad credit. Late or no payments make bad credit. Your better off with a high balance on a credit card that you pay regularly than no credit at all.
MOST JUDGMENTS, INCLUDING SMALL CLAIMS, CIVIL AND CHILD SUPPORT, WILL REMAIN ON YOUR CREDIT REPROT FOR 7 YEARS FROM THE FILING DATE.
A home equity line of credit can be taken out and used to pay off anything you need. However, if the borrower cannot pay it back, they could end up worse then they started.
ermiyas in the building
Paying off bad debt can actually lower your score in the short term. However, after a period of about 7-10 years bad debt that has been paid off will be removed from the calculation factors. If you never pay it off, it can always be their to haunt you.
It adversly effects your credit for 7 years. Except for a Chapter 7 bankruptcy which remains on the report for 10 years, no bad debt can stay on your credit repair beyond 7 years from the date the debt was originated. The law is on your side that it must come off.