If your home has been foreclosed and you’ve moved out, you may have feelings of shame and hopelessness. But you should know that there are steps you can take to start bolstering your financial life.
- Secure housing, perhaps with an apartment lease or through an arrangement with a loved one.
- If you are not able to find housing on your own, dial 211 or 311 for a list of local organizations that can help. You can also call the Department of Housing and Urban Development at 800.225.5342.
- If your job requires a security clearance, talk with your superior about the impact of foreclosure to your credit.
- Complete a new budget and consider consulting with a financial counselor.
- Consult with tax and legal professionals to understand the potential impact of a deficiency balance. Call 877.777.4778 to see if you qualify for free help from IRS Taxpayer Advocate Service. Visit lawhelp.org for free or low-cost legal assistance in your area.
- Take a comprehensive look at your non-housing debts and develop a plan for paying them.
- Get copies of your credit reports by calling 877.322.8228 or by visiting annualcreditreport.com.
- Learn how to rebuild your credit and put a plan in place to do so.
- Save aggressively to give yourself housing security going forward.
- Don’t neglect the emotional impact of the foreclosure to you or your family. Find someone you can talk to about the turbulent transition.
- If children are involved, try to keep as much “normalcy” in their lives as possible and keep the lines of communication open.
After going through the trauma of a foreclosure, you may feel a strong desire to stick your head in the sand and spend as little time as possible thinking about money issues. However, by making a commitment now to rebuilding your financial life, you can help create a rosier outlook.
Find Your Balance 