Friday, May 15, 2009


YES YOU CAN! Believe it or not, there was a time that you could go out , one day after bankruptcy and buy another house. You still can with 35% down! So cash is KING, after you're foreclosed upon. The long way to recovery can be shortened however, and this is how:
FIRST! Set a GOAL! Many people buy again sooner when they're determined to do so, commit to it ,set a goal, then a plan. SECOND! Look at all your debt, get rid of it! Old debt can often be paid 50cents on the dollar if it's in collection. DON'T PAY A CREDIT REPAIRER.! You can do it yourself. The computers will rescore your FICO,BEACON,VANGUARD (EXPERIAN), score routinely. They count the months since the debts are paid off, the sooner the better. Pay the minimums on all. That is actually more important that paying in full. It establishes a payment history, the track record of paying on time. Pay the minimum on all, and addtional after that to pay the bills off. Pay the little ones first. You will feel a greater sense of accomplishment, and will be inspired to keep going. Concentrate on SAVING Money, Having reserves is a compensating factor to your new lender when its time to borrow. Once you've had a foreclosure or a bankruptcy, bankers want to see that "you've learned your lesson", that it was an event in your life, but that life is over and it won't happen again. The truth is, once someone experiences a foreclosure, they often will do it again. It's like divorce. Once you've had one, it's easier to walk away again. So show them that you are a new person. Something is definitely different about you. Your bills are paid and you have cash in the bank.

There's other ways too: creative financing. Owner carry financing, lease options, and other private financing. Equity Sharing, a product of the 80's , an investor with great credit, put up the down payment, and went on title with you (the living in the property =partner). You would have an agreement to buy them out at a later date. In the meantime, the investor depreciated his half of the property, you wrote off your half of the interest. ES started out privately, but was soon adopted by FHA who promulgated rules to protect the occupying party. It may still be on FHA books, the folks that managed it are probably long gone now. We have a new FHA, so we'll see what they come up with to move the housing market.

The new plan as of date is $8000, credit on your taxes, if you buy and close by December 31,2008, this is for "first-time buyers"(Anyone not owning a home in the last 3 years.)

Something NEW! check back for the good news!

Wednesday, May 13, 2009

Good Morning Heartache

You old glummy sight, thought I said goodbye last night.......this is the morning coffee of many facing foreclosure,lost jobs,divorce,stress,misunderstandings with the kids, just wait a little while, this too will pass, it won't be this way forever. Losing a house, a job, divorce, stress, even misunderstandings with the kids is NOT the end of the world. The light is coming, wait for it. Credit,losses are not permanent, life is forgiving, let it forgive. What might give you a little lift, is now is the time to dream about the future. Close your eyes, really dream, it is possible as all things are possible. Even though the saying, in the bible says, "all things are possible with God", it also says that He rains on the just and unjust, so All things are possible. In a few weeks, a man who has been terrified of the future, collections,suits, drain on his future earnings will be completely relieved of a hugh debt forever. He can truly start over. I'm selling his house, it will be all over (the ordeal) soon.
He'll finally be free to face the future and start over. By his own admission ,he admitted that he was indeed "unjust" in some parts of his life, but even so, a new day will dawn for him.
As for you, so wait for it, and dream!