A friend of mine got screwed into a scam to buy some homes to rent out and supposedly make some money. In the end he has been through many tenants and been unable to make the payments due to lack of renters and the declining market. A couple of them have started to go into pre-foreclosure and he is wondering what liability he will have with the banks if they go into complete foreclosure. He understands his credit is shot…which it already is, but not sure what else he will be liable for….

My fiancee had a home in another state that ended up in foreclosure. Now his credit score has suffered. What is the best and fastest way to try to reestablish his credit? Before the foreclosure his credit score was great. He also owns the home we live in and is current on all his bills.

Can a foreclosure be removed from your credit after a year? How long does this stay on your credit report?

We moved into a nice maintenance free senior citizen town house complex six months ago and now one of the units is in foreclosure.It took all of our savings and sell of the old house to buy this unit.How much money can we expect to loose?