Credit After Foreclosure

Originally posted 2009-04-06 05:00:26. Republished by Blog Post Promoter

Is rebuilding your credit after a tragedy like foreclosure over?   According to an article by an attorney that I found, it may as well be.   He states that due to the removal of sub prime lending a person that had the unfortune of being foreclosed on may have at the very least a three to five year battle to get his or credit back on track.  

Steven Elias goes on to say that consumers have three major things they need to consider if they are going to attempt to become credit worthly after a foreclosure:

• Think of saving instead of spending
• Learn how to live more simply
• Take the slow road to rebuilding credit

If foreclosure can be avoid then it is best to do.  A short sale is an option that you can consider. 

Call your the loss and mitigation department and tell them you would like to do a short sale.   The process for the short sale does not take as long as it use to.  There has been several improvements to the process thanks to Fannie Mae finally stepping up and prompting mortgage companies to eliminate the long process of approval. 

You can find out more about short sale my reading my book “Should I Short Sale My Home“.