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Knowing What to Expect After Foreclosure

Understanding the Credit Implications

The results of a foreclosure can be devastating - emotionally, financially, and to your credit.  In most cases, your credit will be negatively affected for up to 7 years.  The good news is that you can repair your credit with time and hard work – the sooner you begin working to restore your credit, the better.

Rebuilding Credit

In as little as 2 years, and up to 7 from the time you lost your home to a foreclosure, you can rebuild your credit and even consider homeownership again.  In fact, with effort and planning, you can put yourself in an even stronger financial position.   

Finding a Home After Foreclosure

If you recently lost your home to foreclosure, it’s important to remember that you’re not alone and there are many affordable places to rent – even with impaired credit.  Once you’re settled, you can begin to rebuild your credit and focus on the future.

Re-entering the Housing Market

Your last homeownership experience ended in fore­closure, but you shouldn’t assume that you’ll never be a homeowner again. Homeownership still has all the benefits you found attractive initially, and next time around, you can be a better prepared borrower.

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Getting Back on Track After Foreclosure

Learn how to pick up the financial pieces after you’ve lost your home to foreclosure.

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