in foreclosure now what

What is the best way to restore your credit after a foreclosure or bankruptcy?

My fiancee had a home in another state that ended up in foreclosure. Now his credit score has suffered. What is the best and fastest way to try to reestablish his credit? Before the foreclosure his credit score was great. He also owns the home we live in and is current on all his bills.

Wait at least 6 months to open anything credit wise. And then definitely do so, and pay the bills on time. (major credit card and a charge card) Avoid a new mortgage for at least 2 years (he seems fine since he had the other house)

The FICO score is based on 24 months of activity. That’s why the 2 year waiting period is so crucial. If he can stay out of trouble (missed payments, going to collections) then i think he’ll be alright.

A good tip is to never go above 50% of your credit worth on any account. EG: you have a $5,000 card, never allow your balance to drive above $2,500 in any way.

There are times when you may not succeed with the various stop foreclosure methods available. In that case if you have tried them all and nothing is forthcoming, you may have to turn to the federal government for some kind of assistance. Incidentally, the government does have more than a few initiatives for home retention over foreclosure risk, mostly fostered by the United States Department of Housing and Urban Development (HUD), the executive department that is responsible for programs concerning housing needs and related conditions since 1965.

The Veteran’s Administration (VA) and the Federal Housing Administration (FHA) are also largely government parallels that aid in providing loans that can help to get you a home or save one. They basically have great packages that can help you out of foreclosure.

They could provide you loss mitigation assistance by offering to reduce your interest rate on the mortgage; they could offer time extension within which to pay back your loan; they could help to put your past due payments to offset the balance of your loan or to the end of your loan. These are generally friendlier options than the later one, which would be selling your home for less than you owe the bank or giving it to the bank or the government in exchange for precisely what you owe.

The HUD carries out research programs in areas such as public housing improvements and housing finance issues so that they can provide for anti-discrimination in housing activities, especially in the dealing of mortgage loans. So you know that you can at least count on them to offer you something. To stop foreclosure, you are going to have to patiently sort through all of these options and decide on the very best one; but it is utterly doable.

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in foreclosure now what