Michigan Foreclosure Homes; your Chance to Start Anew

By: philip smith

Believe it, Michigan foreclosure homes are your best change to own your own home again in the not so distant future.

You've read the news, foreclosure filings are at their highest rate ever in Michigan this last quarter; 1 filing for every 100 households. Knowing how tough it was to make the decision to sell when your mortgage payments got behind, knowing how difficult it was to attract a buyer in time to cure your debt, you will feel the pain of those who just could not sell and lost their homes. So now you have joined the hundreds of thousand of others renting in Michigan, needing to stay close to where, at least for now, job security exists for the main income earners in the family.

Empower yourself for the future, and learn from your pain. Remember the benefits of owning your own home. Pay full on attention to addressing the mistakes of the past and start building your financial planning and budgeting skills right now. Set a goal of being able to show you now live within your means and have savings as a cushion for financial emergencies. Soon, as a potential home buyer once more, you will know that a foreclosure property purchase will be one option that achieves your goal fastest.

By raising the bar on home loan qualifications following this year's adjustable rates loans fallout, lenders are forcing borrowers back to the more prudent financial behaviour of the distant past. That fallout is predicted to increase foreclosure filings well into next year. Most industry experts don't see home prices rising again in the states so badly affected for a year or two. That means the best chance for a start-over home lies in the range of foreclosed property now in the hands of HUD, other Government institutions, and the lenders themselves.

Start now with setting your financial goal, and then look hard at your daily costs. Get a little miserly and cut back to healthier eating habits and a lower cost lifestyle, cut out the luxuries that seem to have become an essential part of life. Get rid of the habit of using credit cards for depreciating goods. No matter how small the amount, get into the habit of saving a little each payday.

Get your free annual Credit Report, learn or get help how to read it, correct any errors (you will be surprised how these creep in and kill your chances) and visit an online website to get tips on how to improve your FICO score.

A little more pain now means you will qualify for the best interest rate on a long term prime loan in the future, and get into the prudent habit of keeping your finances in order. You will also have first hand knowledge of securing a bargain foreclosure home.

Foreclosures
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