One has absolutely NO idea what a homeowner went through with the stress after losing their roof, mind, some their family and most importantly even cost some lives.
It’s a nightmare.
Less than one-third of families who lost their homes to foreclosure or other distress events in the past decade are likely to become homeowners again, according to an analysis by the National Association of Realtors.
More than 9.3 million homeowners went through a foreclosure, surrendered their home to a lender or sold their home via a distress sale between 2006 and 2014. Of those, about 2.5 million either have already jumped back into the housing market or will do so within the next eight years because they have the financial ability to purchase and are eligible for a mortgage, according to the Realtor group. Most of the rest won’t be eligible to borrow or won’t have the desire to buy again, the analysis found.
Real-estate agents and economists have been anxious about the return of formerly foreclosed upon homeowners, whose re-emergence could boost the housing market and the broader economy. Borrowers who went through a foreclosure or other negative event are ineligible to obtain a government-backed mortgage for up to seven years afterward. For families who lost their home in the early years of the crisis, the penalty phases are ending, creating optimism about a large new pool of potential homeowners.