Life after Foreclosure
If you have gone through a foreclosures process in NYC, like the thousands of other Americans since the 2008 housing crisis, it seems that you may be lost as to what your next step should be. You must look at new housing options for your family, a possible relocation means new schools, even a new job, and worst of all, getting your finances back on track. There seems to be no silver lining at all. But there is life after foreclosure in NYC, and here is where to begin.
Finding a New Residence
This is your first issue. It’s going to be difficult getting a new home at first because landlords do look at your credit score and your report. A NYC foreclosure can look bad and make you lose incredible points. Going into a foreclosure shows the landlord that you had problems managing your money and makes them feel insecure with giving you a chance at paying your rent on time with them.
So in good faith, they may ask for two or even three months’ worth of security. Having a solid work history will definitely help you. That’s why it’s important to strategize with a company such as Premier Real Estate NYC early on in the foreclosure process. If we can’t help you save your home, we can start with other options.
Work On Your Credit
Unfortunately, your credit can take a huge dive, which is an auto flag for your creditors. Your credit cards could default to an unfavorable interest rate, increasing your monthly payment. Getting an auto loan or personal loan will be difficult. Your car insurance rates will also increase. The best thing to do is work on paying these bills down. Work on getting your debt-to-income ratio back on top and clearing any judgments and collection activities. Make sure to continue paying all your bills on time.