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What Happens After Foreclosure?

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By : Leticia Carvalho    99 or more times read
What property owners do after experiencing foreclosures is an added burden to them.

They look for another house and that is never easy. They try to get another loan, but were rejected due to bad credit record.

Ohio State University research scientist Jay Zagorsky said that it is painful to bear, but most victims of foreclosures will again become homeowners.

Maurice Ortiz, the Apartment People marketing director said that landlords admit tenants who only have credit rating of 580, but the problem is money for rent deposit.

Foreclosures may scare landlords if they look at the records, and not the score. But if the tenants can explain the reason of foreclosure and has good working history, he may somehow be considered.

President of Fogelman Management Group, Mark Fogelman said that deposits may double if someone is in a precarious position, and coming up with rent deposit is not easy since owners are strapped in cash.

Mr. Ulzheimer said that consumers’ records can be revived and can get better credit card interest rates and loans in 2 years, provided that the foreclosure record is confined within a solid credit history.

According to home loan agent Jerry DuPaw Jr., a loan that is FHA-insured may be a very good option if a borrower, after a foreclosure, wants to acquire mortgage.

In addition, a minimum of 3 years is the time for completing the foreclosure up to the time when a borrower may be eligible for FHA loan, regardless of any circumstances.

Homeowners should never be intimidated with employers asking about their foreclosure during a job interview. There are job positions in which those types of questions are necessary for the employer to see how good the applicant is when it comes to handling money.

Always remember, foreclosures are not the end of the world. It is a lesson to learn and there is always a solution to it.
Leticia Carvalho has been educated in the finer points of the foreclosure market over 5 years.

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