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Post Foreclosure Life

Foreclosure can be a scary thing, but just because you have been foreclosed on does not mean it's the end of the world. There are post foreclosure options to help you get back on your feet and can help lead you back to a financially stable life. Although it may take a while you can even become a homeowner again!

The first few steps is understanding the possible consequences of foreclosure. The first and foremost common one is being evicted from your home. However there are many other penalties as well, such as a damaged credit score, tax consequences for debt cancellation from a 1099-C form. This means if your mortgage lender cancels any debts that you were personally responsible for is the amount forgiven is taxable.

It is vital to know though that even with a hurting credit report there are still affordable homes available.

If you have been foreclosed your first option might be to ask your mortgage lender if they offer a program that will allow you to rent back your home until you find a new place to live.

If that is not an option, to the bank that owns your home and ask them if they provide programs that can help you receive funds for relocations. Occasionally lenders will give financial incentives if you move out quickly.

Due to your damaged credit score it may be harder to rent a new home but it's definitely not impossible. With more time and negotiation and possibly more up-front money for security deposit you can restart your life after foreclosure.


We at Timothy J. Sierra Attorney at Law would like to state that our blog posts and links, on our web page or any other social media outlet, to any other web pages are not intended for legal advice. We are not responsible for third party website information. If one is in need of legal advice please contact an attorney directly.

Source: IRS Government | Home Foreclosure and Debt Cancellation

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  • " I recommend Timothy Sierra a loyal and dependable lawyer. When you talk to him you feel that you are with a friend or a member of your family. Timothy is able to lead you in every step of the process. Good job Timothy."
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