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what is the best way to start rebuilding credit after foreclosure? How long does a foreclosure stay on your record and what would be the time frame to receive a mortgage on a house after foreclosure? This is in Michigan

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi penkitten,

Welcome to the forum.

Foreclosure stays on your credit for 10 years but you may qualify for a new mortgage before these 10 years if you can improve your credit score efficiently.

To increase your credit score, you should pay your debts always on time and keep it up to date. That leaves a positive impression on your credit report and increases your credit score rapidly.

Feel free to ask if you have any further questions.

Best of luck,
Larry

banker0679 · Posted: Tue Feb 26, 2008 3:28 pm Post subject:

FHA requires 3yrs before you can apply for an FHA mortgage.
This exception maybe waived if your foreclosure was due to serious issues (death/serious medical reasons).
Opening gas cards is a good way to get revolving credit history until you're able to open VISA/Mastercard.
If you have any tradelines, make sure to pay them on time as every lender will look at what you did AFTER the foreclosure

gmakerley · Posted: Wed Feb 27, 2008 11:13 am Post subject:

beware of opening too much new credit - this will initially adversely affect your credit score.

one of the best methods, and one which you should easily be able to accomplish, is to obtain a secured credit card (visa, master card, etc.). DO NOT go to first premier, which charges you an arm, a leg, half of your brain and your second-born child before you can even begin to use the card. instead, go to a credit union (first) to see if they will offer such a card. generally, the interest rate you get charged will be cheaper and the likelihood of getting the card better with a credit union. you can also check local banks to see if they will do it.

no matter what credit cards you have, keep the balance at less than 50% of the credit limit at all times; and, as larry noted, keep your payments up-to-date at all times. one late payment will be enough to drop your score a great deal, and you don't want that.

as noted above, you can typically obtain a new mortgage (assuming no further credit issues) within a few years after the foreclosure. you will want to make certain that you handle all your credit in a satisfactory manner in the meantime, of course.

Guest

Had a foreclosure sell date in Oct/07, left house in 02/08. Do they consider the 10/07 date as foreclosure date or when we left home? Also, working on clearing debts on credit report and obtained a new FT job with salary++ coming from self-employment which is where this all started to go south. What about co-signers?

Looking to right the wrong ASAP

Samantha

Hi Ac_dolfan,

The foreclosure date will be Oct 7, 2007 as it' the date of sale. But how could stay after that. I suppose the buyers were supposed to occupy the property after 2nd Feb. 2008.

Since you are clearing debts on credit report and trying to regain better credit, I suggest you use the credit repair tool to analyze your credit. And just in case you have further queries, feel free to ask.

Hope this helps...

God bless you.

Samantha

Guest

We are going into foreclosure because of medical bills, and my husband losing his job. I have 800.00 on credit for just medical bills, I am going to pay off this medical bills, will that improve my credit by alot? How long does medical bills take to come off? SO after all of those are paid off the only thing negative on my credit will be the foreclosure.

jameshogg · Posted: Mon Feb 15, 2010 12:40 am Post subject:

Hi sunfire,

Any negative item will remain on your credit report for 7 years. Thus, a foreclosure as well as delinquent medical bills both would remain on your credit report for 7 years. If you pay off your medical bills, it will definitely help you in improving your credit score.

Thanks

Guest

after filing and getting backrupcy in 2009 . I discovered my home from 10 years ago was listed as a foreclosure. I signed the house to the back with a Quick sale..........so why should it be shown as a forclosure ?

gmakerley · Posted: Fri Aug 27, 2010 3:59 pm Post subject:

Janice, I don't believe the credit repositories have properly figured out how to show short sales correctly. There are limited choices in the reporting as laid out many years ago...by all means, contact the agencies directly and dispute this information. Be sure you have sufficient documentation to send to them that will assure they can fix the reporting, though.

Guest

Hi,
what options do I have to prevent foreclosure due to divorce.the house has been listed for 2 and half years and on shortsale for 3 mos.we are behind payment for 3 months.
also is the foreclosure affect my current credit card?

smithsussane · Posted: Wed Sep 08, 2010 10:56 pm Post subject:

Hi cindy!

Welcome to forums!

If the mortgage is solely in your name, then you can contact the lender and apply for a loan modification. This will help you in avoiding foreclosure. However, if you want to get rid of the property, then you can apply for a deed in lieu of foreclosure. A foreclosure will have a negative affect on your credit card. There are chances that the creditor will reduce your credit limit.

Feel free to ask if you've further queries.

Sussane

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How do I rebuild credit after foreclosure?