Too often people seem to assume that just because they have been through a foreclosure that buying another house in the future is an impossible dream. This is not a good attitude and I have seen many many examples where people have gone on to successfully obtain mortgage loans and fulfill their home of buying back into real estate.
In this article I will give you some of the valuable lessons I have learned that will help you get another mortgage after your foreclosure. If you have recently lost your home then hopefully this will be a good article you can learn form.
A great starting point to getting a back your home to start tracking both your income and expenditure. To do this you need to start writing down every dime that comes in and out of your life. For every item try to classify each spend into categories such as: eating out, socializing, groceries, utility bills, rent, clothes, gadgets, loan repayments etc
After a couple of weeks sit down and work out what you spend on each category each week. You will almost certainly be able to identify areas where you can reduce your expenditure. Common items are cigarettes, coffee, bagels etc. Work out how much you spend on each of these per year and you will most likely fall of your chair in surprise.
Improving your credit to such an extent is simply about changing your habits. Start spending on essentials or things you really want, don’t waste your money, pay back your bills first before deciding if you can afford that meal out.
Perhaps the biggest lesson of all I can offer to people that currently have bad credit is that you must not delay. Repairing and fixing your credit will not happen over night but if you do a little every day it will not be long until you start to see real improvements and you will be closer to your dream of buying another home.