How will my life really change if I go thru foreclosure on an investment property?

Question

My husband and I will still have 6 investment properties and the house we live in. Our credit score right now is 744. We're in our late 30s. We've never had any debt and have never had trouble getting a loan. So what will life be like after foreclosure?

Answer 1

-After a foreclosure you need to “work things out”.

-You will need a down payment if you want to purchase a home within 24 months of the foreclosure.

-You will need to have a ‘clean’ credit history after the foreclosure.

-You will need to show job stability.

-You will need “Reserves”

-Pay your rent on time, all the time

-Pay off any collections that may have accumulated

-Pay any judgments you have acquired

-Start a savings plan

-Contribute to your retirement accounts

-Establish new credit

-Monitor your credit report

-Find a loan officer with whom you feel comfortable as early as possible