After foreclosure, many people feel that it is impossible to ever own a home again. However, if you take progressive steps you can become a homeowner, again in a relatively short amount of time. For some this can take up to seven years, for others it can take as little as three years. One of the best things you can do after foreclosure is to reflect on the financial mistakes that led you there. If you are able to learn from the financial mistakes made on your first home, you are likely not to repeat them with your second home.
Your next and most important step is to work on building your credit score. The foreclosure process will damage it- but only temporarily if you play your cards right. While you are waiting to buy again, pay off your debts, cut off unnecessary spending and start saving. Chances are, you will have a little more money each month than you are used to having; however rather than spending it, learn to budget it.
Your last step is to be honest and communicate with your bank, creditors, lenders, family, etc. about your financial situation. When you reapply for a mortgage, be honest with your lender and tell them exactly what happened with your last home. Tell your lender the steps you have taken to have a better experience with this home. If you make all of these steps forward, you should have no problem owning another home.
To read more on this story visit: http://www.foxbusiness.com/personal-finance/2012/11/29/how-to-get-back-in-game-after-foreclosure/
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.
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