May 10, 2013 The Dispatch/Maryland Coast Dispatch Rebuild your nest egg after foreclosure. Establish a safety net. Financial planners generally recommend three to six months of living expenses in a liquid account, but since you’re coming out of foreclosure, six is a minimum to show stability and that you’re able to pay your bills–including your mortgage – for an extended period if you lose your job. Raise your credit score after foreclosure. After foreclosure, your credit score can dip as much as 150 points. You’ll need to raise it back up by paying bills on time and keeping your credit card balances below maximum levels. The foreclosure will stay on your credit report for seven years, but if you prove your money management skills have matured, it will become less of a red mark as years go by. Reduce your waiting time for a mortgage after foreclosure. Normally, you would have to wait seven years after foreclosure before you can apply for a new mortgage under Fannie Mae rules. However, you can wait as little as three years if you can show extenuating circumstances for your foreclosure. Examples include loss of a job, divorce and unexpected medical expenses. Don’t try to hide your foreclosure. When you’re ready to apply for your new mortgage, don’t try to hide your foreclosure. On the contrary, be proactive and reveal the steps you’ve taken to remedy the problems that led to your foreclosure. Page 61 awarded a score of “Perfect” from one of the nation’s largest and most influential independent travel rating organizations. Good Sam rates parks across the nation in dozens of categories including Facilities, Services Offered, Customer Relations, Restrooms and Overall Appeal. Catataways RV Resort is the only outdoor venue in the state of Maryland to receive Good Sam’s score of “Perfect”. “We are extremely proud of both ownership and staff for reaching this level or recognition in the highly competitive Outdoor Hospitality Industry. This rating assures guests that they can be confident that a stay at Castaways means a stay at one of the best parks in the nation,” said. Kathleen Walsh, COO of the Castaways Resorts. . . Business News FROM PAGE 60 ic works well for families looking to buy in parts of Worcester and Wicomico counties. A critical factor for individuals looking to buy after renting for some time – make sure you pay your rent and bills on time. Showing a perfect rental history is extremely important when it comes time to apply for a housing loan.” As a result of the increase in “boomerang” buyers, CAR offers the following tips: Stick with a job after foreclosure, Potential lenders require stable employment before they’ll give you a new mortgage loan after a foreclosure. Even if it means taking a lower-paying job, it’s worth it. RV Resort Honored OCEAN CITY – Castaways RV Resort in Ocean City has been