loan is three years, regardless of extenuating circumstances, and borrowers will still need to prove that they are up-to-date on bill payments after the foreclosure to get approved.
DIFFICULTY FINDING A NEW PLACE TO CALL “HOME”
The immediate problem after a foreclosure is to find a new home, and you’ll need a cash deposit. This tends to be the largest barrier when it comes to renting after a foreclosure, and sometimes landlords will turn you away unless you have a double deposit. Landlords will see that you had a foreclosure and know it was because of unpaid bills. Your rental options become fewer, but some landlords will accept tenants who have a credit score as low as 580. You might be accepted as a tenant with an even lower score if you can establish that you have a reliable and long-term job history. Explain to landlords your situation, be ready with a double deposit, and honestly answer any questions they might have. If foreclosure is inevitable, then you should begin to look for other options as soon as possible, so you’re not left without a place to live as soon as you’re evicted. Remember, you’ll have at least a few days (or more) to remove your items and belongings, but this usually won’t be enough time to find another place to live. Having something lined up halfway through the process of foreclosure will ensure you’ll be secure and not on the streets.
A GUIDE TO SEARCHING FOR THE RI R THE RIGHT HOME
Buying a home is a big deal and a major investment, and likely the most significant investment you’ll make in your life. You can’t go about the home-search process all willy-nilly; it’s not like there’s an exchange or return policy in place such as when you shop for clothing or even furniture and appliances. Once you buy a home, you’re almost certainly in it for the long haul. So, in order
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