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2010-05-28 13:21:17
Homebuying After Foreclosure - Long Term Effects

Mortgage Loans, Strategic defaults, Credit Scores and the Long Term Effects of Foreclosure

Strategic defaults are making the headlines today, and many Denver area home owners are weighing the value of continuing to make their mortgage payment obligations month after month when the amount of debt against the property exceeds its current market value.  While many parts of Metro Denver are beginning to see appreciation in home values, many Denver area home owners will need years to recover lost equity due to the downturn in the housing market over the past few years.

For home owners who lose their home to foreclosure due to hardship through no fault of their own, there may be a good chance they will be able to qualify for a new home loan and rebuild their credit scores within 2-5 years after a foreclosure. 

For home owners making a decision to walk away without a hardship or good cause for failing to follow through on the deed of trust obligations, it may not be so easy.  The following article link discusses how mortgage loan underwriters are handling the fall out of a bad economy and growing numbers of buyer applicants with a foreclosure on their credit report.

http://money.cnn.com/2010/05/28/real_estate/homebuying_after_foreclosure/index.htm

 
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