Home owners who faced foreclosure a
few years ago are back, and they increasingly want to buy a home again,
mortgage brokers report.
The Federal Housing Administration allows people who have lost their
home to foreclosure to purchase a home again three years following a
foreclosure.
"It's an interesting phenomenon because, three or four years ago,
these people were losing their homes. Now they're out shopping for a new
home,β says Chris Apodaca, a California mortgage broker. βIt wasn't
swift and sweeping legislation that did it, simply a matter of
perseverance. These folks waited three years and now they can buy
again.β
About 1 million families enter foreclosure every year, according to the Mortgage Bankers Association of America.
Source: Broadview Mortgage