Going through the home foreclosure process can be an emotional time for many San Diego families. No matter how stressful the experience, understand that you are in a position to start fresh and handle your home loan mortgage better the next time around. We know this to be true because we see our clients go through this process often.
Follow these four steps to rebuild your life after the home foreclosure process.
Step one – Patience is a virtue
With a foreclosure on your record, you will not be able to purchase a home for the next three to seven years, unless you can pay cash for a home. In the meantime, just be patient.
Step two – Become a renter
In an ideal situation you will have enough money in savings to pay for a deposit and two months rent. If you don’t have this kind of savings, then there are several programs in the San Diego metro area that can help, including these:
Step three – Repair your credit
A foreclosure could stay on your record for up to 10 years, which means your credit is likely in bad shape right now. You can’t change the foreclosure, but you can do other things to improve your credit, like paying off debt. If you feel a credit repair counselor or a lawyer will help you with this process, then ask for referrals from friends or even from San Diego Short Sales ASAP. Before you begin to work with anyone, always check the counselor’s credibility with the Better Business Bureau.
Step four – Learn from the home foreclosure process and build your savings
It’s important to continue paying off debt and repairing your credit, but it’s also important to have money set aside for emergencies, and of course, your future home purchase. Make it your goal to save 10% of your after-tax income.
If you’ve gone through the home foreclosure process and are ready to start again, contact us to speak with our home foreclosure specialists.
