If you have been foreclosed on, you are going to struggle for the next few years to find financing for any sort of loans regardless of the size. This will be the case until the foreclosure was a number of years in the past.

In most states, foreclosure will remain on your credit report for 7 to 10 years. During this time, it will be very difficult to gain another mortgage from any lender. You are considered a very high risk and most likely to default on another loan. There are sub-par lenders who may be more willing to grant a loan to you, but these loans tend to be high interest. Renting a home can also be a problem for those with foreclosure on your credit history.

You will normally need to wait for seven to ten years before your credit history is clear of the foreclosure. Sometimes foreclosures have remained on credit reports for longer than this.

Writing letters to your creditor and reporting agencies should help clear this problem up if it occurs. Make sure to keep other debts and accounts current with monthly payments on time, including any new mortgage payments.

Get a free copy of your credit report online and check it carefully. Look for any errors and old debts that have been reported. Make sure your name, address, date of birth and social security number is correct.

Let the relevant organizations know about any errors - they must respond with ninety days of receiving your request.

There are credit repair companies you can approach to help get your foreclosure removed from your report.

These companies apply the Fair Credit Reporting Act to have discrepancies fixed and possibly have your foreclosure removed. It is also possible for you to do this yourself if you have the time and resources.

Doing it yourself will help you avoid the often large fees these companies can charge.

The best thing you can do is to focus your effort on building up your credit rating by keeping your current debt low, making the monthly payments and trying your best to establish new credit.