If you have recently gone through a foreclosure, you will need to put yourself back on track if you wish to purchase another home.
The first step would be to start repairing your credit. The best way is to continue using credit. Don't make the mistake of closing credit card accounts or cutting up your credit cards and not using them. Avoiding credit all together will leave a gap in your credit history, which is almost as troubling to lenders as a bad credit history.
Lenders want to see you using credit regularly in a responsible way. It is important that you keep up with your payments and not miss a due date. You may want to set up automated payments to avoid missing a payment by accident.
Review your full credit report to check for any errors or instances of fraud. A federal law allows you to get a free yearly credit report at Annualcreditreport.com which will allow you to track your progress.
Once your credit is repaired, you will need to find a lender willing to offer you a mortgage. For many, an FHA loan will be the quickest path back to home ownership. After foreclosure, the government requires a three-year waiting period before you can qualify for another FHA-backed loan. Fannie Mae and Freddie Mac loans require a seven year period before you’ll be considered for a new loan. There are exceptions, for instance if you can prove that the foreclosure was the result of a death in the family, or an unexpected job loss, you might be able to qualify for a new loan sooner.
Bradford Miller Law, P.C. can assist you with all your real estate needs. From buying, selling, renting and even helping you with a building code violation we are here to help with all your real estate needs at a very reasonable rate. Our experienced Real Estate Attorneys have been representing real estate clients for several years now and have earned membership in the Better Business Bureau.
At www.bradfordmillerlaw you will find information about our firm along with helpful real estate information. To discuss your pending or potential real estate transaction call us at 312-238-9298 for a Free 15-minute consultation.
Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law, and Estate Planning
134 N. LaSalle, Suite 1040
Chicago, IL 60602
Offering free legal representation to homeowners seeking a short sale
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