After foreclosure,I have a new job but still working to get my credit score repaired. I need an apartment, prefer a home, but how can I do that?

Asked by Alan, 29301 Sun Nov 6, 2011

This is to anyone who can help with advice, point me in the right direction, etc. I live in upstate South Carolina. In 2009, I lost my position as a software engineer. Having a steep mortgage and other debt, I was unable to keep my home and after owning it for 10 years, it was foreclosed in 2010. In 2011, I now have a very stable position in the neighborhood of 75k per year and now working to pay off past debt. However, my credit score is approximately 590. I'm desperately seeking a way to get a nice apartment or even better, a new home but cannot find solid information on where to start. Most management properties require a credit check for nicer/higher grade apartments. I've been told that this will automatically disqualify me which is frustrating because with my salary, payments would not be an issue. I was also told by non-professionals that I could basically forget getting another home. I need solid advice. Please help.

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Patti Kane, Home Buyer, Boulder, CO
Sun May 19, 2013
I had a short sale last year and my Realtor recommend http://www.cfs-mortgage.com/flex for a home loan. I am very happy to be able to purchase again.
CFS Mortgage assists homeowners who have recently been through a foreclosure, short sale or have recently emerged from bankruptcy.
0 votes
, ,
Tue Nov 8, 2011
Offer to make a larger security deposit and that should handle the apartment issues. As for credit scores, check out the info on my blog, the link is below, hope this is helpful,
0 votes
Rob Ponce, Agent, Spartanburg, SC
Tue Nov 8, 2011
Alan, I am a local Realtor here in the Upstate South Carolina area. I work with people everyday in similar situations such as yourself. I would be more than happy to discuss all of your options with you. Please feel free to contact me at 864-590-0590 or via email at RobPonce@kw.com. Also, check out my website at http://www.RobPonce.com. I look forward to hearing from you.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Sun Nov 6, 2011
If looking to buy--generally after foreclosure, it can take take two to seven years, and much will depend on the circumstances that led you to foreclose, current income, credit, debt, etc.; therefore visit with any loan officer for an accurate answer relating to your specific situation. If looking to rent, much will depend on the individual landlord, and yes management properties do pay attention to credit; therefore consider searching for other rentals as well; be upfront with the potential landlord as to your credit, be prepared to show proof of income/pay stubs, have letters of references handy, etc., and go from there; consider working with an agent.
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