Get a Mortgage After Foreclosure - The Easy Way
For some time a close friend of mine struggled to get a mortgage loan after she had been through a foreclosure. After spending a few hundred dollars on dubious services that promised to repair her credit or get her the finance she wanted she came to me for advice. Having worked in the financial services industry for a few years I consider myself pretty finance savvy however I was soon amazed at the lack of clear information out there for consumers.Related Item:
By James McKerr
In this article I will explain exactly the methods used to get my friend the mortgage she needed exactly 18 months after going through a foreclosure on her first home. If you are in a similar situation then hopefully you can follow the same route and before too long you will be moving into your new home too!
The first thing I asked her to do was to create a budget for herself. I asked her to write down every dime she spent for 2 whole months and categorise each piece of expenditure into categories such as food, socializing, clothes, travel etc. Once she had done this for just a few days she could easily see where her money was going and quickly see where she could cut out unnecessary expenditure. She was amazed how much she was spending in Starbucks each month!
The money she saved from the above was put towards paying off more of her existing debts each month. The next step we took was to try and learn other ways to reduce her credit score. I began looking for a good resource that explained exactly how the credit score process works. Once I had found what I was looking for the rest was easy. We set out an action plan and started taking small actions every day and before long her credit score was improving dramatically. In fact within 18 months she was back in the property market and a home owner once more.
She is proof that getting a mortgage after foreclosure is easier than some think so long as you take action and are consistent with your actions.
Here is the link that I used to learn more about the credit repair process.
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