rebuild credit after foreclosure

[wakii]

If I go into foreclosure, can I rebuild my credit afterwards? How long does it take?

[Canadian]

Of course you can rebuild your credit, but it's not going to be easy. You have to make some serious changes to avoid similar bad credit problems in the future.

[bullish]

If you can try avoiding foreclosure.

[ggonzo]

Try not to go into foreclosure. It takes at least 7 years to rebuild your credit. Can you consolidate your bills and lower the monthly payment so you don't go into foreclosure?

[Canadian]

The mortgage is the single largest expense for most people, and even if they are able to consolidate other debts, this might not solve the problem with the mortgage payments.