Back in 2008-9, when the foreclosure crisis started, foreclosures soared. People lost their houses after losing jobs and not being able to afford their mortgage payments. People then, forced to file for bankruptcy protection, asked me: will I be able to buy a house again? Now, we know the answer to be yes.
According to this Wall Street Journal Article, people are recovering and buying homes in as little as 3 years. Is it easy? Not always, but, many lenders are getting back to giving credit to buyers who went through foreclosure. The people who have had the most success seem to be the ones who kept up with their other loans, such as car loans.
Many of the loans could even be FHA or VA financed. Some of the larger banks haven’t jumped in right away. But, some other banks have started lending. This is good news, and it shows that your credit life is not over after a foreclosure, Bankruptcy Chapter 7 or Chapter 13.
Call us if you have questions about financing. We know lenders who work with people who have been in financial trouble. We can also help if you are in foreclosure, or just confused about your options.
Daniel J. Winter
Offices in Chicago, Gurnee, Oak Lawn and Skokie, Illinois