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Whether you are a homeowner or a landlord, if you’ve lost a property to foreclosure or short sale you are likely to question whether you will ever be able to acquire property again. After all, where would you get the financing? After such a debacle, lenders on the market may never consider you credit worthy again.
The good news is that you can apply for a home loan again within three years after your foreclosure. Of course you will need to take several precautions so that you are perceived as credit worthy again, but with some planning and care, this shouldn’t be too difficult. If you succeed in speedily restoring your credit profile, you could also benefit from low down payments and favorable interest rates. And with the market trends being what they are, you can take advantage of the sluggish recovery period to buy time for rebuilding your credit profile and setting the record straight.
For specific tips on how to restore your credit rating and reestablish your finances, a great article can be found here. Enjoy!