Hi  there,
I agree you need to try and get the default removed as the first step.
If you sold your home  to release the equity and pay off your debts, there is a way you can purchase another property through vendor finance-rent to own.
If you have a Part x insolvency agreement,I believe this stays on your record for 7 years? ,however there maybe a rent to buy property that you can purchase with a long time frame which means that  by the time the 7 years have passed,at least you would have excellent equity in the home and then be able to get a bank loan to pay the rest.
Where are you based as I maybe able to help you my email is webuyhouseseverywhere.com.au or mobile 0414852084
regards
Alison Green