Building A Home Again After Foreclosure - 1016 Words

Trying to own a home again after foreclosure can be scary, not only to the prospective applicant, but also to the creditor. We all know that bad things happen to good people from losing a job due to a company relocation or an unexpected illness or accident that causes excessive absences. Fortunately, there are people (ie: creditors, loan officers, etc.) that understand and will assist someone to regain home ownership. Now, a little about me before I go any further into this subject. I am Deborah Valentine and currently, I am about to go into my last semester at Motlow State Community College in Tullahoma, TN, in which I will have an Associate’s Degree in Pre-Physical Therapy, May, 2015. I plan to transfer to either Chattanooga State†¦show more content†¦If a job was lost due to lack of work, sudden illness or accident, job relocation (company moved out of the country), or company closed, some creditors or loan officers may be able to work on your behalf to get you back into home ownership. There are current homeowners that may have had their house on the market longer than they would have wanted and they may offer to finance the amount of the loan for a potential serious buyer. Second, build a nest egg or cushion that will have at least six months of living expenses in it. This will show stability to a potential loan officer in case of another possible job loss and tells the loan officer that you are serious about owning a home again. The third rule is the most time consuming, which is raising your credit score. House Logic states to be diligent in this endeavor. Usually a credit score falls at least 150 points when there is a foreclosure. This is detrimental to a credit score, but can be regained with hard work and money management skills improving. It is recommended that a person with a foreclosure in their credit history needs to schedule an appointment with a housing counselor. Those that seek education on money management and b udgeting will typically raise their borrowing power by $4,500 per family.(House). Number four says you can shorten the waiting timeon applying for a mortgage after foreclosure if extenuating circumstances are proven. These can include divorce, job loss