The Real Estate Market
As the real estate market crashed in late 2007, and millions of Americans were forced into foreclosure, many hard working, innocent homeowners found themselves making one of the toughest decisions of their lives. The choice to walk away from your home is never an easy one, and should never be wished upon anyone. However, the system essentially forces some homeowners into doing so. For those that were forced into the decision, their day of retribution has arrived. As the real estate market begins to show signs of recovery, some previously foreclosed homeowners are ready to take another crack at homeownership. Moreover, the government is ready to help these individuals fund the endeavor. In fact, many homeowners who defaulted, and were foreclosed upon, are already eligible to qualify for federally backed financing. Even those that were foreclosed as recently as 2010 could be eligible for financing. If you were the subject of a foreclosure, short sale or bankruptcy action in 2009 or 2010, you may be eligible for a Fannie Mae or Freddie Mac loan in as little as 2-3 years. The federal guidelines allow financing for those individuals who were forced into foreclosure by either the death of a family member/borrower, or the loss of a job. Similar timelines apply for VA and FHA loans as well. These tactics are aimed at getting buyers back into the market and giving those uniquely affected homeowners the ability to once again chase the American dream, and own a home of their own.
Please be advised that this article does not constitute legal advice nor does it provide any basis to form an attorney-client relationship. Nothing in this article should be copied without the express permission of the author.