How can I recover from foreclosure?

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I had nearly perfect credit then wound up in a foreclosure situation now my credit is about 600 or so...

Dmitriy Fomichenko, President, Sense Financial

@dfomichenko • 05/30/15 This answer was first published on 05/30/15. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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Make sure you make all your payments on time, never be late again. One thing that should help you significantly is getting a new loan, for example car loan, and paying it off within 18-24 months (you don't want to do it sooner because it will not have as much positive effect then).
I suggested this to one of my clients who had couple foreclosures in the last 4 years and her score was below 600, she purchased a new vehicle, got a loan on it (because of her score the rate was high 12%), but she paid it off in about 18 months and right now her credit score is 730!

SenseFinancial.com

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