Dealing with the effects of a foreclosure are very difficult, and most people who have to endure this tough period in their lives are left wondering what they are going to do next. Will they be able to buy another home, or would they even want to try to buy another home? Will they be able to rent a house, an apartment or a condo? Will they need to go live with family, friends or someone else for a short period of time until they can get back on their feet? These are all very valid questions that are asked everyday by the many unfortunate people out there who have had to go through this traumatic experience.

Not only can having your home foreclosed upon be a somewhat embarrassing period of time for you and your family but it can be one of great stress. You need to remain positive and work hard to get yourself and/or your family back into a good situation once again. I can not even begin to discuss the importance of staying close together as a family to help get through this rough period of time. Before the foreclosure process starts it is very important to keep in constant communication with your mortgage lender to let them know what your situation is and to see if they have any options to help you. If there are no feasible options available, then your next thing is to look into selling your home and this way if you have some equity in your home you may be able to save some of this and not lose it to foreclosure.

If you owe too much money on your home and you are unable to sell the house for what you owe, then a short sale of your home is your next option. A short sale is where you sell your home to someone for a lower price than what you owe on the mortgage. The short sale has to be approved by the lender, and they are not always approved. If this option does not work either, then your final three options are to looking into filing bankruptcy, asking your mortgage company if you can give the home back to them as a deed in lieu of foreclosure, or to just simply let your home go, live there as long as you can and begin saving up some money to prepare yourself for moving out and getting started somewhere else.

Once your home is foreclosed upon many people are able to live in their homes for anywhere from 4-12 months on average without making a mortgage payment. You should be able to stay at least until the home is sold via sheriff's sale. During this period of time, it is very important to start saving money up so that you have money to help you get started over again. However, if you are going to file bankruptcy it would be wise to do this as soon as possible because you can not have anything over $1,000 of assets at the time of bankruptcy filing or that will be liquidated by the bankruptcy trustee.

During a foreclosure do not sit back and wait on anything as speed is of the utmost importance. After a foreclosure, renting a home or an apartment will be possible to do, just harder than it would have otherwise been. A larger down payment will most likely be required and possibly a couple of months worth of advance rent also. Therefore, this is the first reason why it is important to start saving up your money immediately. Living with a friend or family member is also a very viable option, but this can create a lot of strain among everyone involved and possibly even cause tension between both parties. However, this would be the easiest way to save up some money to get back out there again and start over.

Therefore, after a foreclosure it is important to make sure that you begin getting prepared for a clean start immediately. The longer you wait, the worse off you will be. If you are even possibly considering filing for bankruptcy, then you should consult a bankruptcy attorney as early in the foreclosure process as possible as he/she may be able to help guide you. Next, make sure you begin stockpiling as much money away as you possibly can because everything you will want to do is going to require a large deposit for the next couple of years: apartment or house rental, turning on utilities, getting phone or cable/internet service, etc... Rebuilding your credit will be very important after both a foreclosure and/or a bankruptcy. See the following link for information about credit and credit scoring: http://fshomeloan.com/index_files/mortgageblogger.htm A foreclosure is not the end of the world and you can rebound from it within as little as 24 months.

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