Monthly Archives: October 2010

Getting a mortgage after a recent foreclosure

It is not so easy to get approved for a mortgage loan if you have gone through a recent foreclosure, or at least that’s the way it seems like. If your home is foreclosed, it seems like you will never be able to catch up with the repayments and get your home back. You do not need to get disheartened. There are ways to get your home back after foreclosure and get approved for a mortgage loan also. You should be able to get approved for the mortgage loan within two months after foreclosure.

Due to the downward economy, prices of everything are falling down. This may have been the reason of your recent foreclosure however it also means that when you come back to re-enter in the housing market, cost of the property will not be higher as it was earlier.

You need to build up your credit scores. If you have good credit ratings, you should be able to get approved for a good financial credit in the future and also the cost of any such finance. Review your credit report and get it fixed at the earliest. You should be able to do it yourself. Once you have fixed your credit ratings, you will be in a position to reverse engineer the process and make small changes to your lifestyle and finance that will have the biggest impact on your credit scores.

While you are building up your credit ratings, do not fall into additional debts that can hurt your credit ratings at the same time. Your scores will benefit if you are able to increase your credit limits and not max them out. Once you have improved your credit ratings, you are in a position to apply for a good mortgage deal at lower interest rates.