As unlikely as it may seem, you can move on and start fresh after foreclosure, it’s just important to make sure that you start moving forward if and when that initial notice from your bank/lender arrives.

Because you’ll probably be purchasing or renting new Palm Beach real estate, whatever money is not going towards the mortgage should be put aside and saved so that you can use it towards your next purchase or security deposit depending on what you ultimately decide.  If you do rent landlords will be able to see your credit history and your circumstances but it doesn’t necessarily mean they won’t give you a place to call home.  The tradeoff is you may need to put more towards the security deposit or have someone cosign.

A good way to also get back on your feet is to take some time and reflect on what lead to those circumstances in the first place and correct them.  You should also devise a budget and stick to it, particularly if you plan on purchasing Palm Beach homes at some point again in the future.  By simply paying off bills on time, applying for small loans and being financially responsible your credit score will eventually return to normalcy.

Make sure to regularly check your credit report to see how things are going.  Check it six months after the foreclosure and then check it again in another six months.  If you’ve been financially responsible between those two timeframes you should see an improvement and you’ll eventually be on your way to owning Palm Beach real estate once again.

In today’s market, finding the right Palm Beach real estate mortgage loan is just as, if not more difficult than choosing the property you’ll eventually call home. The tougher lending practices plus the fewer amount of brokers mean there are less resources than before. Here are three good options worth exploring if you’re looking for a home loan.

Go on the web. There are several reputable websites like Zillow that can walk you through applying for a mortgage and closing with a broker or bank while presenting accurate fees and rates you’ll be paying. Any website that asks for your social security number upfront should be avoided.

Go with a broker. This option is great if you don’t fall under the category of the traditional person seeking a mortgage loan. While a broker won’t be required to disclose what he or she will be earning, they are tremendously beneficial is finding highly regarded lenders well versed in jumbo or exotic mortgages. Go to the bank. Perhaps the safest and best method (especially for the standard homebuyer), a loan officer with several years of experience who fully comprehends the local area can get you a very good mortgage rate.