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 Economic / big business
 Purchasing a home after foreclosure
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New Pal

2 Posts

Posted - 12/20/2013 :  04:14:41 AM  Show Profile Send myrfatrawu a Private Message
If you were one of the millions of Americans who lost a home during the housing crisis, you might be thinking that your chance of owning a home is gone forever. Nothing is further from the truth. Though lending standards are much higher than they were before the recession, and your credit history is undoubtedly lower than it used to be there are still many things you can do to work towards owning a home again. Hereís where you can start.

Rebuild your credit

Next to losing your home, your credit score is the biggest hit you take during foreclosure. Your credit score can drop anywhere from 100 to 300 points after foreclosure. Additionally, that foreclosure will remain on your credit history for seven years. Fortunately, you can use that time to steadily improve your credit history. The most important thing you can do is prove that you can be trusted to borrow money by paying all of your bills on time. At first youíll probably have to settle for a secured credit card. But whatever type of credit you can get, make sure youíre paying it off in full at the end of each statement.

Be patient

Many homeowners who have endured foreclosure are impatient to own a home again. While the desire is understandable, itís best to not try to move too fast. Lenders are going to be less willing to work with you. The best thing you can do is be understanding of their cautiousness. As long as you are patiently working on rebuilding your finances, youíre going in the right direction

In the future

With your finances recovered, youíre finally ready to purchase a new home. But youíll want to make sure that this time it doesnít end in foreclosure. Hereís a few tips for avoiding foreclosure in the future:

Just because you can doesnít mean you should. Donít purchase the biggest home your lender will allow you to buy. Determine how much you can afford to put into a home and look at homes in that price range. You may have to settle for something a little smaller than you used to have

Have an emergency fund. Make room in your budget to put aside a little each month for an emergency fund. In the event of a financial setback, you can continue making mortgage payments on time

Pay more up front. Remember that the bigger your down payment, the more equity youíll have in your home. A larger down payment also means a shorter repayment period and smaller monthly payments

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Permanent Resident

1421 Posts

Posted - 12/21/2013 :  12:39:13 PM  Show Profile Send robinstephanie a Private Message
Wow. For your second post, you sure got down to business fast. Do you have any knitting or textile experience? Because you didn't mention any in your intro post. You're pretty transparent.


Different is good. ~Matthew Hoover
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Seriously Hooked

909 Posts

Posted - 12/21/2013 :  11:33:58 PM  Show Profile Send flicka a Private Message
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SustaYning Member

4435 Posts

Posted - 12/22/2013 :  05:38:35 AM  Show Profile  Visit Jane's Homepage Send Jane a Private Message
The Administrators are locking this topic, as it's not appropriate, even for the Off-Topic area.

The Forum Registration Rules & Policies Agreement says: "Vendors are welcome as long as you clearly state your underlying association with any product or its manufacturer, and place any promotional posts in our Sales and Shop News section, which we've created exclusively for you. Advertisements disguised as unbiased customer feedback will be immediately removed."



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