I'm aware that askubuntu is probably not the ideal place to ask this question, but considering that the problem occurred while I was installing ubuntu I'm guessing others may have run into the problem.
I needed to reinstall ubuntu from 12.10 to 12.04, so I went about the routine, creating a bootable usb, formatting the partition with ubuntu currently installed, and installing it anew.
Upon reboot I get the grub rescue fault, only with a little twist, this time it says:
Error, no such device: <####> grub rescue>
I quickly make a rescatux bootable USB on another PC and try and restore MBR through it. I still get the error, but this time GRUB shows up if the computer is booted with the USB inserted.