Options after Foreclosure
After foreclosure, your top priority should be to find a decent, affordable place to live and to start rebuilding your credit.
The best way to plan your next steps is to learn as much as you can about your rental and homebuying options after foreclosure.
REO Rental Options
Freddie Mac's REO Rental Initiative provides qualified former owners the option to lease their recently foreclosed properties on a month-to-month basis at market rates. Freddie Mac also honors existing leases to qualified tenants under the Tenant Protection Act.
Rebuilding Your Credit
After foreclosure, the sooner you repair your credit and build a sustainable spending and savings plan, the faster you can put yourself in a strong financial position.
Can You Be a Homeowner Again?
Yes! But a foreclosure will impact your ability to get a conforming, conventional mortgage. How long the impact lasts depends on the reason for the foreclosure and how quickly you can rebuild your credit.
Tools and Resources
Get the Facts on Foreclosure Video
Get the Facts on foreclosure: how to rebuild after a foreclosure.
HUD-approved Housing Counselors
Reach out to a HUD-approved housing counselor in your area for free assistance in documenting your goals, providing financial advice and helping you rebuild your credit.