Question by gr8mom: Ways of fixing my credit after a foreclosure?
We just ended up getting foreclosed on. It’s a horried situation but one that could not be avoided and still be able to eat. My question is what are the best proven ways to fix your credit after a foreclosure? Cause to be honest now that the house is gone we are doing much much better. Please only commit if you can help. Thanks for your time.
Thanks so much! That helps out a lot and makes me feel better knowing that we are not the only one’s in this situation! Thanks again

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Best answer:

Answer by livnforJC23
We are also going through a foreclosure because we were relocated to a different state and the house hasn’t sold after being on the market for 18 monhs. We ahve consulted an attorney because we are not behind on anything but the house. They have told us to make perfect payments on all other credit lines for 24 months after the foreclosure and we will be able to buy again at that time. They also told us to make sure that all of our credit lines are either paid off or at least paid below 50% of the credit line before we buy. This increases your credit score. Also we have been informed to continue to charge on our credit cards for gas and groceries, but to pay off the balance every month. We had perfet credit before the foreclosure started and our score has dropped over 200 points in the last 5 months, but I am told with the economy and what is going on in the housing market that we will be able to own again soon. Good luck and keep your chin up. No one could have forseen what would happen with the market and I rest soundly at night knowing I did everything I could to prevent foreclosure, but I can’t fix the economy. We bought our home for $ 297,900 in June ’06 and it is currently appraising at $ 180,000 in mint condition. You just can’t fix that problem. We have had over 5 offers and the bank has refused them all, we offered to hand over the keys and the bank refused that as well. I reccomend you talk to a mortgage broker who can pull your individual credit and tell you what you will need to pay specific attention to before you can buy again. They will do it for free and it will allow you to focus on exactly what you need to instead of guessing. Good Luck and God Bless!

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