What happens after foreclosure
What happens after foreclosure?
1. Find a place to live
Once you have been served notification that you must vacate the home, you must find a place to live.
Buying a home is likely out of the question, so renting an apartment or home will be necessary.
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2. Plan for the rental
Most rental agreements require a first/last months rent as a deposit. Therefore, it is wise to begin saving
these monies as soon as you know you will need to secure a rental. Many require additional monies for a pet deposit as well.
3. How long after a foreclosure can you buy another home?
This will depend on the reason behind the foreclosure. You will be required to write a letter to the potential
lender as to WHY you foreclosed on your home. If your foreclosure was due to job loss or economic hardship
then they may lend money to you after a short 2.5 years. But if you simply walked away from the home for any other reason (divorce included) then you may have to wait 8+ years before they will loan money to you.
It is very important to note that even after the foreclosure is complete, the hardship may not be over. Because
of the high rate of foreclosures, many lenders are seeking monies lost from borroweres. In many states
this is perfectly legal. Check with your local HUD office to find out if this is the case in your state.
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