How to Survive if Your House Gets Foreclosed

by Jimmy White on January 19, 2012

If you have just had your home foreclosed and didn’t even make a penny off it, you may feel like it’s the end of the world. Although it’s an ugly situation I have seen many people flourish after their home being foreclosed. You need to let go of any shame you have in losing your home, it has happened to over two million people and they were able to survive. So if your Dallas mortgage isn’t looking so well, here is some good advice on how to survive your foreclosure.

First of all, keep calm and don’t panic. Having a negative mindset is only going to make the situation worse and set you into a depression that will make things even hard to get through. Let’s look at a positive in the situation – now that you don’t have a house you can kiss that big mortgage payment goodbye! I know this doesn’t sound very reassuring, but it’s a start! The first thing you should do is contact your friends and family and find a place to stay, hopefully you have someone who is more than willing to welcome you in their home until you get on your feet again. If this is not the case you have some other options; you can become a house sitter and in exchange for you living in someone’s home you will have to look after it as well as their animals if they have them. If that doesn’t work out, you may have to make the best of living out of your car for a little while.

Going through foreclosure is a traumatic experience and can be emotionally draining. Find someone or a group of people to be your support system, anything to keep away from falling into a depression. There is free help all over and sometimes it can be worth a million dollars. Call a crisis hotline, talk to a minister, or even find a support group going through the same issues. Many of them may be able to offer you advice if they went though the same thing.

If you are struggling with money consider renting your next house as opposed to buying one. Many renters even offer a few months of free rent, so take that time to really push yourself to getting back on your feet. When renting you have the benefits of not paying any closing costs, mortgage fees, homeowners’ insurance, or maintenance costs; So it could be a great idea to get started again.

It’s never a bad idea to boost your credit score by using any resources you can. A foreclosure can hurt your credit score pretty bad, so if you ever plan on buying a house again and getting a Dallas mortgage, raising this is absolutely necessary. In order to boost your credit score make sure you always pay your bills on time, maintain your credit card balances keeping them well below the credit limit, and get by with only the absolute necessities. Follow all these steps and you will be on your way to getting another mortgage in as little as seven years.

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