Having a home foreclosed on an individual or couple can be devastating to them personally as well as financially. This blotch on their credit rating stays for quite a few years. They probably think their chances of ever owning a home again are nil because they don’t think they can get another mortgage after a foreclosure. Fortunately for these unfortunate individuals, it is possible to obtain a mortgage after foreclosure proceedings that resulted in the loss of your home.
Although it’s possible to get a mortgage after foreclosure, it takes a lot of careful preparation. You’ll be rebuilding from ground zero or starting from scratch. There’s a lot that will need to be done, with the first thing being rebuilding your credit rating. This needs to be your first priority. Although you’ll probably want to start looking for another home soon, it’s better to wait a while.