Repairing Your Credit After a Foreclosure

Repairing your credit after a foreclosure will take some time but is possible
Understanding why your home went into foreclosure and making financial adjustments will go a long way toward buying another home

Enduring a foreclosure on your home is painful and disheartening. Even though the past three years have been tough for many homeowners, being in the same boat doesn’t make the situation any better. Foreclosures have many ramifications for the family, the least being a damaged credit score that could prevent future homeownership.

All is not lost. A foreclosure stays on your credit record for seven years, while a bankruptcy is 10 years. While you won’t own another home with a mortgage in the near future, you can look to the future and begin making repairs.

First, examine the cause for the foreclosure. Possibly a job loss or health issues prevented you from making mortgage payments. In these cases you can apply to Fannie Mae or Freddie Mac in three years. If the foreclosure is due to financial mismanagement, the waiting period is seven years.

Request a copy of your credit report from all of the three credit bureaus–Trans Union, Experian and Equifax–and write a detailed explanation of the foreclosure for each bureau. This is especially important if the foreclosure was the result of health issues or a job loss. It’s not going to change your score now, but in the future the facts may help you look credible to a potential lender. You can receive a free credit report by going to annualcreditreport.com.

Pay your bills on time. Credit reports look at payment history, so it is extremely important to make regular payments on your accounts, including utilities. You will demonstrate that you are now stable and have a consistent financial plan in place. That makes you more appealing to lenders.

Oddly enough, you should apply for credit. Just a little at a time, but having a car payment, a credit card or a department store revolving charge will begin the rebuilding process. Don’t go crazy though–keep you purchases low and pay them off every month.

Plan a budget and adjust your spending habits. Doing this will relieve more financial stress. Keep track of how you’ve spent money and evaluate those purchases at the end of each month. You’ll have physical proof of what you bought and can determine if that purchase was really necessary.

By being patient and practicing financial discipline for the next few years, you may indeed be able to purchase another home and start a better life.

Seed Catalogs Herald the Beginning of Spring Planting

Make a plan, choose wisely and use native plants for a low-maintenance gardening experience.

The seed catalogs begin arriving. Beautiful, verdant pictures of luscious flowers blooming merrily along in sculpted gardens, all framed by well maintained rolling lawns. Leafing through the catalogs is certainly a fine diversion to chase away the gray January clouds and a way to begin planning your spring garden.

Now, for a douse of reality. Those vibrant pictures of flowering roses, deep purple clematis, impatiens bursting in oranges, pinks and lavender¬–they live in a controlled climate carefully tended by nursery people who care for them correctly, not in our Missouri yards.

So, keep in mind that what you see in the catalogs may not exactly work here. There’s no harm in dreaming, but as you begin to plan for spring, think of the reality of your yard and how much effort you will contribute to keeping it up.

While we can’t promise a no-maintenance landscape, we do have some suggestions for a low maintenance garden.

Begin with a plan
Whether you are starting from scratch or refreshing your current garden, a plan is a must. Look at the environmental aspects of your space and designate shady areas, full sun gardens, windy areas and extremely dry or wet locations. When you’ve completed your assessment move on to choosing the appropriate plants for the right spots.

The design
As with most things simplicity, is much more elegant than an explosion of plant clutter. Each plant should serve a purpose, whether as ground cover, a backdrop or bits of color throughout a coordinated scheme. Give each plant enough room to grow, and be very generous with mulch. This nurtures plants, if you choose organic mulch, and reduces the need to water. Plants grouped into small beds are more eye-catching than a sweeping view more suited to public spaces. Small beds are also easier to maintain, which means success for you. The Missouri Extension Service has landscaping guides and plans that will be quite helpful.

Plant selection
When choosing your plants, keep in mind the Missouri summers that can be extremely oppressive in July and August. That kind of heat stresses plants and the people who care for them. Choose plant matter that can handle low watering and high heat.

The best bet for low maintenance plants are native ones. These plants live here in Missouri and have adapted well to the climate. Grownative.org, a cooperative project between the Missouri Department of Conservation and the Missouri Department of Agriculture is an excellent resource to stock your garden with natives that you can enjoy the whole growing year with a minimum of effort. The Missouri Botanical Garden also offers Plants of merit that will grow well here.

Curl up with the delicious seed catalogs as the cold winter wind blows outside. Choose wisely and decide how much work you are willing to contribute to your garden. Then you’ll have great success and an enjoyable summer.

Jan. 2011 Calendar of Events

January-February
Bald Eagle viewing and events
Various dates and locations
The eagles return. The Middle Mississippi River Valley is home to the second largest population of bald eagles. Various state agencies and parks, nature and other local organizations and communities celebrate our nation’s symbol with many types of viewing and educational opportunities. Participants can find those activities here.

Friday, January 7
Star Party
6:45 p.m.
St. Louis Science Center
View the brilliant night sky with the St. Louis Astronomical Society. The Society and the Science Center will provide telescopes and answer questions. For more information, call 314-289-4453 or visit the Science Center website.
FREE

Saturday, January 8
All about the farm
Primrose Farm
10 a.m. and 2 p.m.
5N726 Crane Rd.
St. Charles Park District
Learn about the historic Primrose Farm during farm story time from 10-11 a.m. Enjoy a snack and visit with the farm’s animal residents. At 2 p.m. guests can have a hands-on experience with farm animals and learn more about their care and feeding. Classes are available for both events. Primrose Farm provides interpretative experiences about life in the 19th century on a farm and how technology has changed farming life. For more info, call the farm at 630-513-4370.

Friday, January 21
Russian National Ballet presents Romeo and Juliet
8 p.m.
Bezemes Family Theater
Lindenwood University
This full length ballet is performed by the Russian National Ballet in a dramatic and visually stunning production featuring more than 50 dancers in the great Russian ballet tradition.
For more information and to purchase tickets call the box office at 636-949-4433 or vist the J. Scheidegger Center for the Arts webpage.

Daily through April 3
Treasures of Napoleon
Missouri History Museum
Forest Park
Daily 10 a.m.-5 p.m.
Tuesday 10 a.m.-8 p.m.
Look inside the private life of Napoléon Bonaparte, the Corsican general who attempted to conquer Europe and North Africa. Here is a look behind the legend with a showcase of his personal possessions, historic artifacts and paintings. For info and tickets, go to the History Museum’s website or call 314-746-4599.

Saturday, January 29
Fete De Glace
9:30 a.m.-3:30 p.m.
Historic Downtown
Fete de Glace or the Festival of Light is an outdoor ice-carving competition where skilled carvers from around the region turn blocks of ice into amazing creations. Coffee, hot chocolate and fire pits are available for warmth. Call 636-946-1898 for more info.
FREE

Saturday, January 29 and Sunday, January 30
The Great Train Expo
St. Charles Convention Center
10 a.m.-4 p.m.
This is the place to be for model railroad enthusiasts. The show offers a variety of model railroad and toy layouts in many different scales and gauges. Hundreds of dealers will display their wares and model train experts are there to answer your questions. There are also free workshops for beginners and more experienced collectors. For information, call the Convention Center at 636-669-3000 or visit the Expo’s website.
Adults $7/ kids 12 and under FREE