Do You Know What Happens After Foreclosure?
If you’re facing foreclosure, one of the things you might be worrying about is what happens after foreclosure. Here are a few things you should be aware of.
1. You’ll have to move. You know this, of course. The amount of time you have to move depends on which state you live in. It could be anywhere from immediately after the foreclosure to six to twelve months later. Check the laws in your state so you know what to expect.
2. Your credit score will suffer. You can expect a big drop in your credit score as soon as the foreclosure shows up on your report. It will probably be at least two years before you’ll be able to buy another house. Plan on renting while you rebuild your credit.
3. It will be OK. It might not feel like it right now, but things will get better. For most people, the mortgage payment is the biggest bill they pay. What if you could find a place to rent for half that? If you play your cards right, you’ll have some room in your budget to start saving money so you’re ready to buy another home when your credit improves.
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