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How to Repair Credit After Foreclosure People who lose their homes lose their good

Contents

credit records too. That makes it even harder

Introduction ..……………………………1

for them to rent a home, let alone to buy another one. The answer lies in repairing

Stop Borrowing………………………….2

Paying Other Debts on Time...…...2

credit, in other words fixing your record legally so that you can start all over again.

Negotiation………………….…………....2

Here are a few hot tips to get you started.

A Single Lump Sum……….………......3

How You Spend Your Money…….3


Stop Borrowing More Money

2

The sooner you get closer to zero debt the sooner you will start looking good again. This is a tough nut to crack. However, it is better to buy things for cash and live within your means.

Paying Other Debts on Time

Right now, you do not need more repossession. Speak to any other firms to whom you still owe money. Explain your situation and negotiate a payment plan. They will be glad you spoke them, and happy to help too.

Negotiate With the Firms that Blacklisted You What’s does that mean? For more terms and definitions, check out ForeclosureDeals.com’s glossary page: http://www.foreclosuredeals.com/G lossary.php

Negotiate a payment plan with them as well, and ask them to note it on your credit record. Once they regard your obligation as settled, your record will clear.


3

Consolidating Your Debt into a Single Lump Sum

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This is often a surprisingly achievable solution. Moreover, your total monthly payment could even come down.

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Re-Assess How You Spend Your Money

Do you really need all the things you regularly buy? What could you trim? Why do you need credit cards? Credit is never free, and is often a less than tender trap too.

The secret to a good credit record is avoiding unnecessary debt and servicing debt payments on time, every time. As you follow these advices, your credit record will be steadily repaired.


How to Repair Credit after Foreclosure