How to Navigate Your Post-Foreclosure Financial Life

red foreclosure sign
red foreclosure sign

Once you lose your home in foreclosure, the logic goes, you are kicked to the curb financially. Popular wisdom says that nobody will lend you a dime, let you co-sign on your son's college loan, finance a new car or issue you a new credit card. And certainly nobody will again loan you money to buy another house. Well, let's bust that myth today.

While the typical FHA and Freddie Mac-backed loans can take 48 months or longer to forgive you your financial indiscretions, Michigan loan broker Jeff Tufford of Monarch Mortgage Consulting just got Greg Bailey a 4.5% 30-year fixed rate loan on a new home in Fenton, Mich. just 18 months after Bailey lost his house in a foreclosure.