Millions of homeowners lost their houses to foreclosure in the wake of the American housing bubble. Here in Florida, massive numbers of hardworking homeowners were forced to either short sell or leave their homes to be foreclosed as prices plummeted. The result was not only a national recession, but millions left with low credit scores and sky high debt.
However, as the market recovers and impacted homeowners dust themselves off, many are looking to purchase another home. Homeowners who have faced a foreclosure or short sale in the past, but are now looking to purchase another home have been dubbed “Boomerang Buyers.” The name relates because these buyers have come full swing and are now back in the housing market. Both public and private lenders stepped up and assist “Boomerang Buyers” with loans for those with low credit scores, or who have been affected by foreclosures or short sales.
Here at the DeWitt Law Firm, many of the homeowners we represented for foreclosure defense in the 2008-2012 housing recession are now interested in purchasing a new home. Naturally, these buyers are somewhat hesitant to jump back in bed with lenders that previously foreclosed their homes. Concerns range from predatory lending rates to inadequate foreclosure provisions in a mortgage. Therefore, it is imperative for any “Boomerang Buyer” to have a real estate attorney review the provisions of their note and mortgage to ensure that the documents contain fair provisions for homeowners.
While no homeowner closes on a new house expecting to deal with a foreclosure, it is best practice to know you are protected. Let the experienced real estate attorneys at DeWitt Law Firm assist you through closing to ensure that your loan documents adequately protect you. It can make all the difference in the end should the unexpected occur.