Here is an incredible concept: Life is 20% what happens to you and your family, and 80% how you deal with it.

In tough economic times, many families are being forced into the short sale, foreclosure, deed in lieu and the bankruptcy route. Families can rent a home, recover their credit and buy again. All it takes is commitment to getting your family back to solid financial health. You need to have a plan and have everyone in the family on board.

This means eliminating expenses that are not necessary and having a plan to save for whatever goals your family thinks are important.

Going through this exercise is critical to success. The following chart while not perfect, gives you an idea of how long you will need to wait before you can purchase a home again after a financial setback:

You should be able to buy a new home after you have cleaned up your current credit problems.