If you’ve recently gone through a foreclosure, you might think you’ll never be able to own a home again. But that couldn’t be further from the truth. With some time and planning, you can get back on the property ladder with no issues.
Buying A Home After Foreclosure
Buying another home after foreclosure is possible but not necessarily easy.
Your credit score takes a significant hit after foreclosing. This makes it harder to qualify for any type of credit, including mortgages.
Each organization also has its own rules regarding waiting periods. You’ll need to wait up to seven years before you get approved. However, some may reduce the time if you had financial hardship or other circumstances that caused you to default on your mortgage.
While you wait to buy a new home, focus your efforts on rebuilding your finances. Pay your debt on time, live below your means, and save for a larger downpayment to improve your chances of getting approved.
With a stronger credit score and healthier finances, you’ll be in a much better position to qualify for a mortgage once you’re eligible.
Contact Our Attorneys Today
Foreclosure and losing your home is never the only option. Our foreclosure defense attorneys at The Law Office of Todd Cushner & Associates are here to help protect your home. Please contact us at (914) 600-5502 today for more information.
