If you have recently been through a foreclosure you may have questioned if you ever want to have a mortgage again. In this article I will explain why you should look to get another mortgage as soon as possible and how it can benefit you greatly.
It may have seemed like foreclosure was a big dark cloud hanging over you for months and after it is over a sense of relief is sometimes felt. So why would you want to risk getting into the same mess again?
Well, the easiest answer is to ask yourself where you intend living once you have retired.
Though it can seem along way off if you continue to pay off your mortgage you will end up in a situation where you are living rent free because you will own your own home. In these times where pension funds are not worth anything like they used to be this could be of great benefit once you reach retirement age.
When you rent a property you are effectively paying off somebody elses mortgage.
Many landlords rely on this to fund their own retirements so think long and hard about if you want to do this or instead make your monthly repayments go towards your future retirement.
One little known statistic clearly states that of those who go through a foreclosure on their mortgage as little as 5% end up doing the same again. This means that the vast majority of people learn from their mistakes and go on to own their homes and not lose their homes a second time.
If you want to learn in more detal abut how to get a mortgage after foreclosure just follow this link.