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5 Steps to Owning a Home Again After Foreclosure

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By: Barbara Eisner Bayer Published: July 08, 2010

Foreclosure can be a very rough and stressful time for a homeowner. Is Your House in Foreclosure? If so, SimpleSale have the best tips on what you can do to avoid it. Foreclosure is just a one-time event–with discipline and perseverance, you can get a mortgage and become a homeowner again.

It won’t be easy to obtain a mortgage after foreclosure. But with enough time, discipline, and desire, you can own your own home again. Here’s what you need to do:

1. Stick with a job after foreclosure

Did you fall into foreclosure because of the lack of a steady job? If you did, the first step toward homeownership after foreclosure is finding and holding one. And if you already have one–stick with it, unless you can move to a better one. Note that potential lenders will require stable employment before they’ll give you a new mortgage loan after a foreclosure. Even if it means taking a lower-paying job, it’s worth it.

2. Rebuild your nest egg after foreclosure