Is there Life After Foreclosure? How to Buy Your Next Home!

By
Real Estate Agent with ReMax 10

 There is Life after Foreclosure!  You can be a proud homeowner once again....if Donald Tump can do it, so can you......it is possible.  Even if you lost your home you did not loose everything. Foreclosure does not define you.  If this sounds like a pep talk...it is...if it sounds like you can do it.....you can. Yes you can!  Your house was an investment and choosing foreclosure was a business decision. Now that is over, you should start your recovery plan, it is never too late.  Start now! Learn from past mistakes and do it differently next time.

           Here are 10 things you can do now to get ready to purchase your next home!

  1. Review and Rebuild.  After reviewing your credit report make a plan to rebuild it by paying all your open credit line on time.
  2. Create a budget and spending plan for your new future home.
  3. Check your debt to income ratio.  Your house payment should be no more than 28% of your income.
  4. Open a pre-paid credit card that reports to the credit bureau and pay on time.
  5. Start working on your down payment...create a plan and stick to it.
  6. Check with Housing counselors, there are many free ones online....go to the U.S. Department of Housing and Development (HUD)
  7. Find a Mortgage Broker who works with a lot of lenders to explore option.
  8. Get a Real Estate Agent to help you find rent/options, Land Contracts or rent to own.

If you Short soled your house, you should be able to realize your dream in 2-3 years. If you let your house go to foreclosure it may take longer but it can be done with discipline and perseverance.

 

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Tags:
foreclosures
buying homes
foreclosure
short sales
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how to buy after foreclosure

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Rainer
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Keith Vermilyea
Home Buyers Marketing II, Inc. - Boise, ID

Great list Andretta, if you have a plan you can accomplish anything.  It seems as the rules are changing constantly so those future buyers who stick to a plan like yours could be rewarded earlier than expected if they continue to relax the "waiting period" after a short sale or foreclosure.

Dec 08, 2010 02:19 PM #1
Rainer
3,804
Peaches Morgan
KELLER WILLIAMS REALTY CITYSIDE - Vinings, GA

Andretta, I could not have wrote a better start over plan for folks in this situation.  Anyone who wants to do this can.  Loosing ones home is a very emotional thing, but many purchased with pure emotions in the past, we fall in love with the physical things associated with the property not the actual investment it self. This period in real estate history will bring forth many wiser purchasers, new millionairs will even emerge and many lessons will be learned. Thanks Andretta.

Dec 10, 2010 05:44 AM #2
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Rainmaker
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Andretta Robinson

Real Estate Broker - Chicago South Suburbs
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