Homeowners with Foreclosure History seeks Second Chance

Homeowners with foreclosure history

It’s difficult when a homeowner has a foreclosure listed under their belt. The search for a home becomes complicating.

Though this is true, roughly 80% of home owners who have strategically defaulted say they want to buy a home again, at least within the next 12 months. This information came from a survey by conducted on line in more than 25 states.

 

There could be a huge market potential for these homeowners. TransUnion believes that borrowers who short sale during the recent recession are better to qualify than those who have defaulted on their credit cards or auto loans.

 

“There appears to be a pocket of opportunity among mortgage only defaulters that is not the result of excess liquidity, but rather the unique circumstances of the recent recession,” says Steve Chaouki. Chaouki is the group vice president at TransUnion’s financial services business unit. “This new market segment that the recession created is an important one for lenders to understand. They have the potential, today, to be stronger and more reliable customers.”

 

Though foreclosed homeowners are making the move, some of them will have to wait. The Federal Housing Administration requires owners to wait up to three years before buying again, whereas Fannie Mae and Freddie Mac requires up to seven years for a borrower to apply again.

 

We specialize in  helping homeowners who are struggling and not sure what to do. It’s very important to have good legal advice BEFORE the bank forecloses because there are other options. But if the bank did foreclose it might just be time to start thinking about how soon you can recover.

 

If you have any questions or concerns about your own personal situation I would be happy to give you a FREE one on one legal consultation. You can call me at 916.442.6400 or send me an email at tgreene@tedgreenelaw.com