I up until now had perfect credit and am in the beginning process of foreclosure, meaning missing payments. ho

Question

w do i rebild my credit? this is all new to me.

Answer 1

Find a real estate agent that knows how to do a short sale.  Do that short sale.  It is when you sell your house for less than you owe, but the bank ok's the sale.  It isn't good, but it is better and quicker than a full foreclosure.

Second...

Don't get new credit, don't close old credit.  Pay everything else you owe off.

Credit works on a timeline.  Each credit line has its own timeline.  So, once you have a bad pay, it has it's own 7 year timeline.  Don't create more of them....  

Sell the house, live within your new means.  It will all be over in 7 years or so.  Which isn't long...in the scheme of things.

Good luck. I am in year 6 of this and glad I did what I did...

Sell as soon as possible to cut off the mess.