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....that 5-10 years from now (or whenever the general consensus is that housing has recovered) that people that have forclosures / short sales on their credit report will be able to get another loan?
Are lenders going to say "well...EVERYONE had a forclosure then so it's no big deal"?
The banks/government need people to spend money. Bankruptcies are no longer a big deal. People with them get loans and credit cards. It won't even be a big deal for lenders to loan to people with foreclosurers. The people that got foreclosed on if they were smart they saved all that money they didn't pay on mortgage for the next home.
The banks/government need people to spend money. Bankruptcies are no longer a big deal. People with them get loans and credit cards. It won't even be a big deal for lenders to loan to people with foreclosurers. The people that got foreclosed on if they were smart they saved all that money they didn't pay on mortgage for the next home.
I was just going to say, they already are getting loans. I have one couple that had a BK with a home in the BK. They thought it was 2 years for FHA to get another loan. They were crushed when I told them it was 3 years, as the home in the BK was treated like a foreclosure. We are now literally ticking off the days until August 2011, when they can close on another home.
Years ago, I had a woman who lost her job (before everyone did it) and filed for BK. After that, she found a new job and had excellent credit. She was able to buy her home 2 years after the BK was discharged.
However, I am hearing now that anyone with a foreclosure will have more problems getting a loan than if they just had a BK.
It will be interesting to see how it really works out.
We are having zero problems closing someone after two years with a BK. The key to a successful experience is to make sure to re-establish credit as soon as possible, to keep revolving balances to a minium (but do use them) and don't be late on anything (or face the re-setting of the clock before you can purchase).
I'm continually amazed by folks that want to do something almost immediately afterwards. There are provisions for exceptions to the published wait times, however, very few meet the "catestrophic" exception. I'll get a call, "I've lost my job" or "I got divorced" and you can hear in their voice, they expect to be able to buy now. Unfortunately, neither circumstance qualifies for the catestrophic definition.
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