home buyers 5Losing your foreclosed home is like losing a first love. When times are good, you’re walking on sunshine. But then a storm comes pouring in. You fight, you scream, you lose. Your beloved house that you put some much time and love into is now underwater and swept up in the torrent of foreclosure along with your sweetheart. Now you’re alone, without a home, and wondering, will I ever love again? Yes! Foreclosure doesn’t mean the end, and with these tips you can find real (estate) love again!

Can’t hurry love, you just have to wait: Foreclosures hurt and leave you wondering when you can buy a home again. The average purchase waiting period after foreclosure is five to seven years. However, extenuating circumstances such as illness, death, or job transfer can shorten the waiting period for a home by up to two years.

Saving all my love for you: Though it is eventually possible to buy a house again after foreclosure, it’s not an easy process and will take some major saving. Some lenders may require a minimum of 35% down payment for homeowners recently suffering from foreclosure heartbreak. Your best bet is to start a savings plan to work on qualifying for a new home loan.

Build me up buttercup: After a home related heartbreak, your heart and your credit score take a pretty big hit. So instead of spending that time trying to land a rebound, work on building your credit score back up because most lenders qualifying guidelines rely heavily on your credit report. Tackling your existing debts, disputing any mistakes, and maintaining small lines of revolving credit are just a few ways you can begin rebuilding your credit and your heart again.

Reunited and it feels so good!: Ultimately, the best way to start over and sway banks to take a chance on you after a failed foreclosure relationship is to survive the waiting period, repair your credit score, make payments on time, and build up your savings. Once a lender feels you are credit worthy and deserve a second chance, you and homeownership will be reunited.

 

 

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