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Have you gone through the harrowing experience of seeing your house foreclosed? You need some good credit repair advice so you could get a future mortgage to repossess your old home or buy a new one. You will find plenty of credit repair advice on the Net as well as offline. The important thing is to research well and put a plan together to which you would stick tenaciously until you have build back your credit report. With diligence and hard effort you can see the light of the day in as short time as one year.

Some Practical Credit Repair Advice

1. Learn from the past - before you do anything, sit and analyze where you went wrong and why the foreclosure happened. You would first need to identify whatever is the problem that causes you to have a shortfall of cash.

2. Budget - make a list of the necessary expenses that you absolutely need for the month, add about 10% for unforeseen expenses. This would be the budget that you need to follow for financial freedom. Avoid all extraneous expenses and stick to the budget.

3. Save - this is one great liberator and a great bonus for the credit report. Ideally a person should save anything between 10-30% but even if you put aside 2-5% is okay. The more your savings would grow, the better you would feel about yourself. At the same time it would be much easier for you to get a mortgage as well.

4. Consolidate debts - check out for deals where you could save on the interest and have an acceptable amount as monthly payment. This is one of the best steps you can take when you are down as this would, in time, free you of debt honorably.

5. Make regular payments - ensure that all your payments are made on time. This is very important when you are repairing your credit status.

6. Get a credit card - the fastest way to score is to pay regularly on a credit card. Get a secured credit card if you must and make your purchases (already budgeted and for which you have money set aside) through the card. Pay bills on time and in full. Do not get mixed up in the pay-the-minimum-due or you would be back in a financial mess.

7. Talk to a foreclosure counselor - these people are professionals and can help you in ways that you never knew possible. Check them out.

8. Check out your position with a lawyer - it is possible that the lender did not spell out the loan requirements correctly for which you did not anticipate the position of your monthly payments accurately which led to the foreclosure. In that case you would be entitled to instant credit repair as well as damages.

9. Avoid foreclosure bailout scams at all cost - there are no short cuts here. Do not go to companies which proclaim there are. You would end up losing more money and very probably doing something illegal as well.

10. Bankruptcy - this would absolve you of all your debts and you can start afresh, However, take this step if there is absolutely no other go as this would stay on your credit record for the next 7-10 years marking you a risky borrower.

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# posted by qbnkinw : 5:37 PM