Don’t Be Afraid to Buy a Home Again After a Foreclosure or Short Sale!

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"Thirteen percent of Americans have lost a home due to a financial event such as foreclosure in the past 10 years. More than 6 in 10 of them (61%) have not bought a home since, and 20% of those who haven’t repurchased say they never plan to again." This makes sense. They don’t want to go through the same pain again.

Foreclosure, short sale, bankruptcy, repossession. After any of these major events it often surprises people when we tell them that they are pre-approved to get a loan to buy a home again. Of course you won’t be able to get a loan right away but it you might be surprised to know how quick you can get a mortgage again.

Boomerang Buyers: Don’t Be Afraid to Buy a Home Again! According to CoreLogic , from 2006 to 2014 ” there were 7.3 million housing foreclosures and 1.9 million short sales. ” The hesitation some Americans feel after experiencing a foreclosure brings to mind the old saying: ” Fool me once-.

Financing a home after experiencing a short sale or a foreclosure can be a daunting process yet not impossible. However without proper guidance, potential buyers can be disappointed when their loan application is turned down, not necessarily because of a short sale or foreclosure but simply because they applied for the wrong type of home loan.

The hesitation some Americans feel after experiencing a foreclosure brings to mind the old saying: "Fool me once- shame on you.. Don’t Be Afraid to Buy a Home Again!. short sales or bankruptcies dropped off their credit reports from January 2016 to November 2018, 11.5% have obtained a.

 · A short sale is when the lienholder agrees to sell the property for less than the balance of the outstanding mortgage. Keep in mind, buying a short sale is a longer process than buying a non short sale and can take 90 – 120+ days to close. If the owner can’t settle or sell the property, it will be offered at a foreclosure auction.

It doesn’t mean you’ll never be able to buy again if you’ve lost your home through a short sale, foreclosure, bankruptcy, or a deed-in-lieu of foreclosure. You will have to undergo a waiting period first, however, to qualify for a conventional loan from a reputable lender.

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