Foreclosure can be a scary process, particularly from the angle of a homeowner who is unfamiliar with the legal process itself. The main concern we hear from clients is that they might never be approved for a mortgage loan again, which is a false notion because that is not always the case. There will be a limited period of time following the foreclosure where they will not be approved for a mortgage loan. Something else that we stress is that they will have to be particularly attentive of their credit while they build it back up.
Generally, lenders will not write mortgages for seven years after a foreclosure or short sale. Many of the homeowners that fell into foreclosure during the beginning of the foreclosure wave are now starting to qualify for home loans. Those previous homeowners that went through foreclosure and are now re-entering the market are being referred to as “boomerang buyers.”
RealtyTrac estimates that 7.3 million boomerang buyers will be in a position to enter the real estate market again from 2015 through 2022. They are expected to begin this year with an estimated 551,359 entering, and over a million homebuyers per year from 2016 through 2019.
At Graham Legal, our team understands that from a homeowner’s standpoint, foreclosure may seem daunting with dire consequences. While we recommend that you try to avoid foreclosure, we know it is not always possible. That is why we’re here. Not only will Graham Legal defend your interests through the entire Miami foreclosure process, but our team will also support you as you prepare for another phase of your life.