Bouncing Back From Foreclosure Or Short Sale
If you have recently lost possession of your house to a painful foreclosure or short sale
, there's a chance you may be able to afford a new home within the next two years if you get on it right away and stay diligent and dedicated to fixing your credit rating. Whether you were able to get your lender to agree to a short sale, or you had to resort to the worse blow of foreclosure, if you get started rebuilding right away, you can take steps to re-polish your tarnished credit report. You should definitely go over the details of your credit report- you need to know exactly where you are right now. You can get a free report through many venues, and you should double-check with your own records for accuracy. And if you find any egregious (or even small) problems, you should bring it up right away. If you have other old debts, you should pay them off as quickly as humanly possible. Forgo buying anything that's not a necessity and pay off your credit card or car, because those little things can help.
Watch out for scammers who purport they'll help you repair your credit Don't pay anyone to do anything illegal, and don't pay someone before you're completely certain what service they'll be providing you.
Double-check the status of the shortsale you did. Make sure that your account shows the zero you deserve for allowing your mortgage lender to accept a payoff for less than what you owed. You went through the struggle of a short sale, and if they don't write it off as a zero, you need to make sure the discrepancy is addressed.
Of course, you can't just automatically assume that your short sale is obligation-free. IT depends on your lender- some will automatically file a deficiency judgment and make you pay some portion of the discrepancy between what you earned on the escrow and what you owe the bank. Also- the federal government may be able to tax this difference, if the bank DOES pay for it, as income. Make sure you're clear on the stipulations of your lender and the federal tax code.
The point is, after the emotional roller-coaster of having to give up your home, you need to stay on top of your finances. If you're responsible and diligent, you might be able to get yourself a new home in just a few short years. But make sure it's with a loan you can afford to pay!
by: Randy Scott
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