Question:
Like many other areas in the U.S. I've noticed a lot of forclosure listings and homes for sale by banks in my area. I was just wondering, what do most people usually do after their house is taken. Do they rent? Do they move in with family? Do they move to a different area of the country? Or do they somehow beat the system and purchase another home?
Answer:
Most people seem to move temporarily in with family. Then they find a place to rent.
Rebuilding your credit takes a while. What ever caused the problem needs to be fixed. Then you can start back.
I know several very rich people that at one or more points in their life things were very bleak. Things can turn around.
I hope they find somewhere to rent, we don;t want more homeless
I have wondered this myself. I'm assuming they probably move in with family for a while, until they can rebuild their credit enough to find a place to rent.
this article is a very interesting summary
http://www.foreclosureinfousa.net...
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