Short sales can be rough, but they are a necessary evil. After all, the banks give you a decision. Pay your mortgage or don’t, and the options are clearly laid out in your note.
But what happens after the short sale? What can you do to start getting credit again?
There’s usually nothing you can do to remove a short sale from your credit, most banks have hard limitations on foreclosures, bankruptcies and Short Sales, but there are some standard fix-your-credit tips we recommend.
1. It doesn’t hurt to hire a professional. There are a lot of credit repair companies out there who can help you develop a plan to rebuild your credit. Be careful, get references and check your BBB, a lot of these people’s advice isn’t worth two cents.
2. Don’t acquire any new debt. Manage your spending, it’s okay to use a secured Visa to help rebuild some credit, and few other incidentals to start rebuilding your credit history.
3. Build a budget and a plan. Home ownership has many rewards. Within three-to-four years you should be able to buy a home again. Budget and save. Simplify your life to the essentials and start putting yourself into a cash positive lifestyle.
Some of these may sound easier said than done, especially now if you are just out of a short sale, life goes on. Make a plan, get back up and go at it again.
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