Im 26 and am about to have a foreclosure (no remedy). What would be the best...

  • Thread starter Thread starter Jose L
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Jose L

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...financial decision right now? I purchased a 110k home with my ex-girlfriend. Things didnt work out and we split. I have since proposed to my new fiancee and will be looking to relocate from tx to nevada. I know my credit will be hit pretty hard, what suggestions do you have to start rebuilding ASAP so I can get back to owning a home within 2years. Im an optomistic person and swear by the saying that Robert Kyosaki says once you attain a certain level, if you fall, you know how to get back to where you were. So I know its hard but can I have some ideas please?
 
Well the foreclosure itself will be helpful because it will relieve you of that debt.

Just pay your bills on time. Do not borrow anymore. No more credit cards and no more auto loans.

Save as big a down paymnent as you can. Do not get in a hurry. Home prices are still falling. And they are not going to rocket back up. 2 years is probably unlikely unless you can put 20% down by then.

Never buy a home with someone who is not your spouse.
 
Well the foreclosure itself will be helpful because it will relieve you of that debt.

Just pay your bills on time. Do not borrow anymore. No more credit cards and no more auto loans.

Save as big a down paymnent as you can. Do not get in a hurry. Home prices are still falling. And they are not going to rocket back up. 2 years is probably unlikely unless you can put 20% down by then.

Never buy a home with someone who is not your spouse.
 
You can't pay for your home and your biggest concern is how you will buy another in 2 years? You need to work out a short sale.
 
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