5 bounce-back tips after a foreclosure or short sale

5 bounce-back tips after a foreclosure or short sale

HIGHLAND, Calif. – Aug. 12, 2016 – Philip and Denise Powell lost their home in 2011 after Philip’s hours as a pastor were cut in half and Denise was sidelined by a surgery. But they were determined to become homeowners again, so they rolled up their sleeves and got to work.

The Highland, California, couple got financial counseling. They took control of their credit reports, tackled high-interest debts and cut spending. In 2015, they bought another home.

“We thought we’d never recover,” Philip Powell says, recalling the devastation they felt after losing their home. “No one in California was ready for the crash; it hit us hard.”

Their story is typical of the more than 9.3 million homeowners who lost a home through a distressed property sale from 2006 through 2014, according to the National Association of Realtors.

As rents rise, low mortgage rates persist and the economy gradually improves, some who lost their home in recent years will be able to re-enter the housing market. A 2015 study by the NAR found that 1.5 million previous homeowners might be eligible to buy within the next five years, based on the time it takes to boost credit scores and save for a down payment, as well as mandatory wait times to buy another house.

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