If you've ever run into problems with not paying your mortgage on time, or even with the bank foreclosing on your home, you know the road back to recovery can be a long and difficult one.

One resource that prospective homeowners who have had past troubles can utilize is a mortgage broker. A broker will be able to help you develop a plan to get you back on track to being a future homeowner.

D. Shane Whitteker is the lead broker and owner at Principle Home Mortgage, in State College Pennsylvania. He specializes in helping clients with past problems to get a mortgage.

"I work with a lot of clients who have had issues in the past with mortgage delinquency and or foreclosure," Whitteker says. "This is a very serious issue especially for someone that is interested in buying another home."

According to Whitteker, there are some tried and true tips to follow and pitfalls to avoid. Here are his recommendations:

Tip #1: Transfer the deed ASAP
"One thing I have seen that can be a problem is the date that a deed was transferred out of someone’s name in a deed in lieu of foreclosure situation," Whitteker says. "I have seen clients where the deed was not transferred properly for over a year."
Why its important: This is vital because in general the date that is used for future qualification for a mortgage is based off of the date the property was transferred. This is also true in a straight up foreclosure situation. It is important to have a mortgage advisor that can properly navigate a situation like this.

Tip #2: Know when to let go
"Hanging on too long can be a problem as well for future plans," Whitteker warns. "I am not suggesting that someone should simply foreclose on their home but if you know you are not going to be able to make the payments and a mortgage modification is not an option it is worth considering doing a deed in lieu of foreclosure if the bank will work with you."
Why its important: The sooner this is addressed the sooner you will be able to qualify for a mortgage again once you are back on your feet.

Tip #3: Know your options
"The FHA has a pretty good product that helps some potential borrowers that have had loss of work in their past," Whitteker says.
Why its important: If a foreclosure was due to losing a job or some other limited factors the amount of time that a person has to wait prior to qualifying for a mortgage again can be as little as 12 months. Again it is important to have a mortgage advisor that can properly assess a client’s options.

To learn more about ways to recover from a past mortgage issue, contact the mortgage experts at Principle Home Mortgagetoday.