Starting Over After Foreclosure

Our university-backed, unbiased Starting Over After Foreclosure Toolkit offers research-based tools and resources to homeowners who have experienced foreclosure. Accessible and easy to read, this toolkit helps Michigan residents understand their situation both emotionally and financially and is offered online for free. You don’t have to read them in order from start to finish (although you could)!

Getting a Fresh Start After Foreclosure
(11 pages)
Learn how foreclosure affects your finances and what it takes to rebuild. Identify family strengths to get the job done.

Reimagining Your Future: What Direction Do You Want to Go?
(17 pages)
Identify your family values, discover and create good coping skills, learn to communicate and problem-solve.

  • Worksheets: Sources of Stress, Financial Dreams, SMART Goals
  • Checklist: How Stress Affects You
  • Handouts: Why Don’t They Listen?, How to Fight Fairly

Assessing Your Financial Situation
(25 pages)
Financial recovery after foreclosure is complicated. Take a look at your personal situation and outline your path to success.

  • Worksheets: Monthly Spending Plan, Non-Monthly Expenses, Balance Income & Expenses, Net Worth Statement, How Much Do I Owe?
  • Handouts: How Families Handle Reduced Income, Questions to Ask Yourself, Helping Your Children Learn Money Management
  • Checklist: Smart Changes to Save Dollars

Rebuilding Your Financial Situation and Credit History
(24 pages)
Develop your skills to gain new perspective on your finances and work towards rebuilding your credit after foreclosure.

  • Checklists: Danger Signs of Too Much Debt, How to Maintain a Good Credit Score
  • Worksheets: Creditor Communication Tracking, How Much Credit Can I Afford?
  • Handouts: Sample Letter to Creditors, Sample Letter for Disputing Errors on Your Credit Report

Finding a Place to Call Home
(23 pages)
One of the biggest problems for families after foreclosure, determine your housing needs and work through the transition.

  • Checklists: Redemption Period – Homeowner Responsibilities, Moving Tips: Important Family Records, The Moving Process, 
  • Handouts: Housing Needs, How to Find an Apartment After Foreclosure, Tips for Pet Owners Who Face Foreclosure
  • Worksheets: Pros & Cons of Housing Options, Rental Housing Comparison

Knowing Your Rights and Responsibilities
(14 pages)
Technical answers and resources, especially for Michigan residents, who are going through the difficult process of foreclosure.

  • Handout: Sample Cease & Desist Communication Letter

Getting Prepared, Getting Organized
(16 pages)
Sometimes the smallest actions, like getting yourself organized, can have a huge impact on your ability to work through the transition.
Included:

  • Worksheets: Organizing Your Important Papers, Road Map for Important Papers
  • Handout: How Long to Keep Important Documents

Returning to Homeownership
(13 pages)
Learn what steps need to be taken before you and your family can face the challenge of becoming homeowners once again.

  • Worksheet: Homebuyer’s Wish List
  • Checklists: House Hunting Checklist, Neighborhood Checklist