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Buying a House After Foreclosure - How to Get Approved

 


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Just because you have bad credit and either gone through a foreclosure or bankruptcy you are not somehow unable to get a new mortgage to buy a house. Of course you will have to pay a premium on any loan you do get compared to someone with a perfect credit score. However there are some very simple things you can do to ensure you get the best deal and can get back on to the house ownership ladder as soon as possible.

If you have been declared bankrupt then you have a great head start as you have no debt. If you already have some existing debt it is crucial that you maintain your payments and ensure you do not miss any. Doing so will steadily improve your credit score.

Another great way to boost your score is to apply for and get a credit facility such as an overdraft or credit card and then do not use it. This will have a very positive impact on your score as part of the calculation behind the score is based on the amount of debt you have compared to the amount of credit available to you.

One of the most common mistakes people make in your situation is not taking action. Buying a new house may seem like a very way off right now and it certainly will not happen over night. It is crucial that you start taking consistent action now. Try to assign yourself 30 minutes every day to work on improving your situation. You will be amazed at the difference in your score in just 1 month.

Get started today by reading some more of the authors mortgage after foreclosure tips.

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