So you just lost your home to foreclosure. You never thought things would get this bad, but they did. Well the good news is that the worst is now over. Yes you have some re-building to do, but at least you don’t have the heavy burden on your shoulders anymore.
The reasons you lost your home can vary. You may have lost your job. You may have gotten ill. Heck you may have even bitten more off than you could chew.

Things happen.  Get over it. Move forward.

Where do I live now?

It probably goes without saying that finding a new place to live must be your first priority. You can rent an apartment, or move in with a family member. Purchasing a new home should not be the last thing you should consider at this point. Your pride may be hurt, but don’t make the same mistake again. Get a place to live first. Unpack your stuff and get your finances in order.

If possible, stay within the same geographic area. It will be less tumultuous time for your children who will not have to switch schools.

Is there an accountant in the house?

Once you find a place to live, get control of your finances. Chances are that if you could not pay the mortgage, you also let other bills fall behind.  You have options at this point.

• Get professional help. (Strongly recommended)
• · Negotiate a payment plan with your creditors.
• Make a budget and don’t spend more than you have to.
• Work on improving your now “horrendous” credit. Your foreclosure will remain on your reports for 7 years.

Buying a new home

Chances are you’ll be a homeowner again. You may get lenders that may qualify you for a home loan, but it will not be on the best of terms. You may also work with homeowners who may sell you a home using creative financing. To find out more about creative financing click here.

But don’t rush into things. Take your time.  There’s no sense in making the same mistake twice.