How to Get a Loan AFTER a foreclosure
How to buy a house after defaulting on the last mortgage. This is a question more and more people will be asking in the next few years. I don’t agree with the government’s stance that “defaulters shouldn’t have owned a house in the first place and maybe they shouldn’t be home owners now”. Look. I’m not saying that home buyers in 2005-2008 were not responsible for their decisions. However in areas like Phoenix, not only were homes easy to finance, but were at a all-time high in price. We don’t have that now. Mortgage rates are not only at all-time lows, but home prices are comparable to that of the nineties. Let’s loosen up the financing again! It’s true that those who defaulted did it because they couldn’t afford the monthly mortgage rate. Now they can! In many ways, rent is becoming less affordable than home ownership. THE BIG PICTURE: Home owners that defaulted NEED another chance. Not only will it move inventory, it will help our housing market tremendously. “2011 Another Chance Bill”! Doesn’t that make sense?