In Orange County as well as in pretty much anywhere in the State of California, homeowners facing foreclosure seem to be desperate to buy again. Understandable, as Orange County is still one of the best places to live in all the country and to many, there's nothing better than the feeling of owning a home and call it that: your home.
Frequently, we get questions from people who have not yet lost their home to foreclosure but anticipate they soon will, and want to know how to be able to get back into the market. Understandable again, as many have seen how their home can pretty much be bought in today's market at almost half it's top of the boom market price (check these Orange County foreclosures out) and feel like they don't want to miss out, or just simply don't like the idea of paying rent in something they don't own or have the tax deductions and benefits of home ownership.
Most loan programs will make anyone who had a foreclosure wait for a three year minimum until they can be approved for a home loan again, even when their credit, assets and income is in great shape. So what are suggestions for someone facing or about to face foreclosure when it comes to the next time to purchase a home?
Learn from the experience and heal your finances. The great thing is that, if someone who foreclosed a home gets their matters in order, buying a home again is possible. Learn from your mistakes and think positive. You might be able to buy a home and owe much less than you original did, but is going to take time. So take that time to reorganize your financial situation and make smarter decisions about money. Pay off your debt. Set savings aside. Do not overspend. We all know this, but a reminder is always needed. Following those simple, but hard steps, the years will go by fast and you'll be in a great financial position again and will get your dream home back, with a mortgage that you can afford. And if you learned from your mistakes... that mortgage will not adjust you will eventually pay off the home and leave that foreclosure nightmare well away.