Foreclosure Credit Repair By Mel Feller, MPA, MHR Mel Feller Seminars, Coaching For Success 360 Inc. /Mel Feller Coaching When your home is foreclosed, you will not only lose your property but also seriously damage your credit. This will necessitate you taking steps to repair it. If you do not do this, you will find that you face some serious financial problems. Firstly, look at the roots of the financial problems that led to the repossession of your property. Where they circumstances beyond your control or was it a string of circumstances that could have been avoided? Once you deal with these problems then you will be able to avoid repetitive financial problems.

1. Foreclosure Credit Repair
By Mel Feller, MPA, MHR
Mel Feller Seminars, Coaching For Success 360 Inc. /Mel Feller Coaching
When your home is foreclosed, you will not only lose your property but also seriously damage
your credit. This will necessitate you taking steps to
repair it. If you do not do this, you will find that you
face some serious financial problems. Firstly, look
at the roots of the financial problems that led to
the repossession of your property. Where they
circumstances beyond your control or was it a
string of circumstances that could have been
avoided? Once you deal with these problems then
you will be able to avoid repetitive financial
problems.
How do you handle credit repair after a foreclosure? Your first step should be to examine your
spending habits. See how you can improve these, especially if this helped to get you into this
financial mess in the first place. Knowing that your financial status is at rock bottom after
repossession of your property, you should make a strict budget for yourself and try to save
some money. First, make a list of your expenses and then your income. Subtract your expenses
from your income. If you come up short, you will need to trim your spending until you have a
surplus. Once you have control on your spending you can then move forward.
Your next step will be to establish credit again after your foreclosure. Firstly, you should try to
pay off all outstanding debts to lower your score as much as possible. Secondly, pay off all bills
on time to reestablish good standing with anyone you do business with. This will go a long way
to improving your financial standing. It will also cut down your stress and allow you to think in a
clearer way. Once you have yourself into good spending habits you will be able to get in control
of your finances.
If you have many debts, you may need help with credit repair after a foreclosure. You can seek
help from services and many of these are free. You can find these services on the Internet. You
will need to be careful when you choose one of these companies that they are legitimate and
Foreclosure Credit Repair by Mel Feller

2. above board, as there is a fair amount of fraud with these companies. Once you do your
research and check their credentials, you are ready to take the necessary steps to help
reestablish your financial standing.
The important thing to remember when you try to accomplish credit repair after a foreclosure
is to maintain your good spending habits. It is easy to fall into bad habits again. One way to stop
yourself is to destroy all your cards. This will force you to only spend money when you have the
cash to do it. These cards are a constant temptation to spend money and indulge in instant
gratification. Before you know it, you will have a pile of debts and be right back in the same
position again.
So do not let this happen to you, because you have worked hard to achieve credit repair after a
foreclosure and you do not want to see your hard work wasted.
Mel Feller, MPA, MHR, is a well-known real estate business consultant and speaker, specializing
in performance, productivity, and profits. Mel is the president of Mel Feller Seminars with
Coaching For Success, Inc. and Mel Feller Coaching, a real estate and business specific coaching
company. His three books for real estate professionals are systems on how to become an
exceptional sales performer. His four books in Business and Government Grants are ways to
leverage and increase your business Success in both time and money!