Life After Foreclosure
admin on January 9th, 2009
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An often overlooked aspect of the nation’s foreclosure crisis is the displaced homeowner after the foreclosure is final. There is a moment of finality for the fight to keep a home, but the perils of momentary homelessness are just the beginning of their problems. Additionally, the financial conditions that lead to the foreclosure may be far from over for the homeowner after the auctio
Other than children changing schools and the lack of cash to even seek legal advice, the first priority to the foreclosed homeowner is to find a new home. However, without cash for a rental security deposit or decent credit scores to verify creditworthiness, a foreclosed homeowner may discover finding a place to live difficult. Many municipalities offer counseling to assit in finding affordable housing and information on non-profit credit counseling agencies. Foreclosed homeowners with FHA insured mortgage may qualify for $1000, if they voluntarily vacate foreclosed homes in good physical condition. Statistically, foreclosed homeowners do become homeowners again, but re-establishing credit is difficult in financially restrictive times and can often take as much as two years. Millions of homeowners are currently fighting foreclosure, but hundreds of thousands have lost their homes and are facing increased challenges as the economy is predicted to worsen.
