Will people who currently face foreclosure or short sales or who walk away from their underwater properties ever be able to get financing to buy another home down the road?
Banks haven’t been very forthcoming on this issue. However, knowledgeable observers of the situation say that while it may take some time, the situation will right itself for most people.
Because bankrupt borrowers have eliminated their debts, they should "constitute attractive fodder for mortgage lenders," says University of Michigan law professor John Pottow, whose specialty is bankruptcy.
As home prices and the mortgage market stabilize, lenders will be motivated to lend to people who previously had financial troubles if they look like they can pay the next time around, says Alan Riegler, a consultant with CCG Catalyst, which advises banks.
"The lender who figures out how to do more of this case-by-case stuff cost-effectively is going to end up ahead of the pack," Riegler says.
Source: Inman News, Matt Carter (03/05/2010)
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8 comments:
It is nice to see that the fore closed peoples can apply for loans and can even get it. It's really a new life for them as they can start their life from the beginning.
I think it's a relieve for these people after hearing this news but they would have started to think that their life is over but by providing them with this option they are just given a new life.
I feel it is is a very good thinking for the fore closed peoples in such a way that can cherish rest of their life by taking loan and full filling their needs.
The first thing that we are going to talk about is focus. I understand that it might me very challenging to keep you cool especially if your dog is very annoying and just keeps barking. What do you do if your dig is annoying? Beat them? Yell at them? Let me tell you this, it won't do you any good. What you need to do is that you should remain calm. You should remain calm at all times.
As a child I remember a camping trip where every night the kids tent that housed myself, my younger brother and my friend Jennifer filled with the sounds of fake snoring. This little rebellion of "honk-shoe-me-me-me" was our way of saying "you can banish us to bed but you can't make the party stop!" and we found it hilarious. We could barely get through a refrain before the me-me-mes were broken by peals of laughter.
I think that this is a good news for me as i was suffering a lot due to this criteria and was not able to acquire the loan.
This is actually a good news. I think that my brother would be happy to hear this.
As a child I remember a camping trip where every night the kids tent that housed myself, my younger brother and my friend Jennifer filled with the sounds of fake snoring.
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