The Housing Crash Of 2008

808 Words 4 Pages
During the housing crash of 2008, nearly fifteen million Americanhome and propertyowners lost their homes to foreclosure, according to stats listed by Bloomberg in 2009. In order torebuild and/or rebound after a financial loss, like what took place in 2008, takes some time and a lot of attention to the detail of the requirements needed to bounce back. There may be a lot guilt or even loss of confidence because of losing your home. You will need to at least rent a home or apartment. After moving beyond feelings of guilt or loss of confidence, there are a number of legal and financial matters to address. Begin by coming up with a plan to boost your income. Start searching and securing a new job (or a second job) can empower former homeowners with the money necessary to rebuild their finances and help restore confidence.
One of the issues that will arise is the waiting period that are required by different leaders that may or may not help you get loans back after having a foreclosure on your credit report.There will be a lot of stress involved in going through the foreclosure, but you can make it through it.
Since the waiting periods can take 2 or even 3 years to pass, it would be a great time to start on rebuilding your credit. Just for instance, if your FICO credit report score was below 6 hundred when the foreclosure occurred, then it could easily take up to 3 years to even start pre-qualifying. One way to start the rebuilding of your credit is by taking out a

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