What if I have a foreclosure or bankruptcy?


I’m glad you could join me today

Welcome to Your Real Estate Academy.com

Where you will discover everything you ever wanted to know about real estate but were afraid to ask. Here is the place to ask questions and learn everything you need to become an educated real estate investor because owning your own home is an investment in your family wealth.

My name is Debbie McGrann. I am a real estate agent in Maryland and team leader of the Reap Advantage Team serving all 50 states. I created Your Real Estate Academy in order for potential home buyers to have a convenient central location with all the information available to you on your schedule.

My purpose is to teach you the home buying process step by step so you will start your home search with knowledge and confidence. I will have information available for you to download and review.

I have prepared a series of online lessons about the home buying process.

Today’s question:  What if I have had a foreclosure or a bankruptcy?  First of all, you are not alone! There is a lot of misinformation in the media about buying a home after these financial setbacks. Some potential home buyers think they are not able to buy a home if they have suffered financial difficulty in the past or they have to wait many, many years. This is not true! Lenders have many loan products geared toward borrowers who experienced unemployment or other severe reductions in income.

Waiting time for a new loan can be as short as 12 months, However, the interest rate may be higher and may require a larger down payment. Waiting until 24 months after the event will have more options of loan products.

I am currently working with a first-time home buyer that had a bankruptcy. I met him at our local county fair where I had a booth for real estate information. The fair was in August and he had filed for bankruptcy in June. He had suffered financial difficulties due to a divorce and high legal fees. He was distraught and looking for help because he feared he would never be able to buy a home to provide a stable future for him and his son. I reassured him that there were loan programs designed for consumers like him that had suffered from financial difficulties. I put him in touch with my lender partner who developed a plan for him to restore his credit. We developed a home ownership plan for him to become a homeowner as soon as possible to begin building wealth for his family. We are currently house hunting! A lot sooner than he thought possible.

If you have experienced a foreclosure or bankruptcy, you need to take steps to get back on track so you can become a home owner again as soon as possible. Those steps include:

  1. Take control of your financial future! You can recover. Stay positive and stay focused Establish short- and long-term goals and stay focused on working toward them.  Keep your goals posted where you will see them every day.
  2. Take a close look at your current financial situation. It’s important to re-evaluate your spending and saving. Look for ways to increase your income and decrease your spending. Can you get a part time job or work overtime?
  3. Build an emergency fund. Work toward saving at least three months of expenses as your safety net. Then keep adding to your savings to provide you with a down payment for buying your house.
  4. Rebuild your credit. This is probably the most important work you need to do. The better your credit is, the quicker you can become a homeowner and with the best possible loan terms. With the help and guidance from one of our lender partners, this can be easier and quicker than you think. Go to the class about credit repair on this website, review the lessons and download the material. Warning! Do not go to a credit repair company, some of our clients have had bad experiences with them. Let’s work together to develop your personal financial recovery plan.
  5. Ask for help! Reach out to me. I have the resources to help you get back on track and become a homeowner as soon as possible so you can start building wealth for your family!

Remember, if your family has experienced tough economic times and you have had to face the unfortunate reality of foreclosure or bankruptcy, you are not alone, that’s why the government and mortgage companies have developed special programs for these potential homeowners. The important thing to remember is that you can regain control of your finances, and, with some effort and planning, you could put yourself in an even stronger financial position. My team of real estate agents and lender partners are here to help you develop a home ownership plan. Contact us to get started as soon as possible so you can start build family wealth thru home ownership!

Our handout today is “Getting Back on Track After Foreclosure”. The advice in this brochure also applies to getting back on track after bankruptcy.

Thank you for joining me today. I hope you found this class helpful. If you have any questions or suggestions, please contact me, my team and I would be honored to help

My goal for this year is to help 100 families become homeowners and get them started on building their family wealth!  Are you ready to one of my buyers? 

Let’s get started today on your home ownership plan. Let’s work together to develop your personal financial recovery plan.  Go on our website, Your Real Estate Academy. com and download all the free information I have for you. The videos are there for you to watch on your schedule. If you have any questions or suggestions, please submit them to me so I can help you. 

If you are ready to start your home search, please call me for a buyer’s consultation and let’s get you started building wealth for your family through home ownership!  I look forward to hearing from you soon.