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!
- Review and Rebuild. After reviewing your credit report make a plan to rebuild it by paying all your open credit line on time.
- Create a budget and spending plan for your new future home.
- Check your debt to income ratio. Your house payment should be no more than 28% of your income.
- Open a pre-paid credit card that reports to the credit bureau and pay on time.
- Start working on your down payment...create a plan and stick to it.
- Check with Housing counselors, there are many free ones online....go to the U.S. Department of Housing and Development (HUD)
- Find a Mortgage Broker who works with a lot of lenders to explore option.
- 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.