Boomerang Buyers

Boomerang Buyers

Boomerang writes, “Seven years after the real estate bust, many who lost their homes have rebuilt their credit and are back in the market. Experts say these boomerang buyers will be an important segment of the real estate market in the coming years.  Boomerang buyers: a term coined by the Wall Street Journal, are people who lost a home to foreclosure, but are now ready to buy again.

“About 700,000 of the 7.3 million homeowners who went through foreclosure or short sales during the bust have the potential to get a mortgage again this year, said Daren Blomquist, vice president of RealtyTrac. That compares with the 3 million people overall who got a mortgage between October 2013 and September 2014.”

Some boomerangers have to wait as little as 12 months after foreclosure, short sale, and even bankruptcy, if they had good credit before their troubles and have had no problems after the event.

“FHA loans are easier to get after a short sale,” says Steve Cohen, a senior mortgage banker with Talmer Bank and Trust in Rockville, Md. “In fact, some borrowers don’t have to wait at all if they never had any late payments on their mortgage. Borrowers who were in default on their loan have to wait three years to qualify for an FHA loan.”

That is why it is essential that you not ignore warnings of financial trouble, especially a late payment on your mortgage

Making your credit payments on time is one of the biggest contributing factors to your FICO credit scores. Here’s a tip to being on time: Set up reminders for making payments or switch from paying by check to automatic bank debits to each creditor.

Another tip to keep your FICO credit score high: Get out of debt. Reducing the amount that you owe is going to be a far more satisfying achievement than improving your credit score. The first thing you need to do is stop using your credit cards. Then come up with a payment plan that pays off the cards. Once credit card debt is gone, build an emergency fund equal to six months living expenses. Finally, save large amounts of money going to interest by paying off your mortgage early.

Even personal bankruptcy may not be a hindrance for some loans and refinancing a mortgage is possible if the bankruptcy has not been discharged and your credit history has been good, meaning you made all timely payments to your trustee.

You made a mistake. You have been knocked to your knees, but this is America where Americans root for the underdog and change the rules so you can get back on your feet. We need your consumption.

Styl Properties, Inc. is here to help homeowners out of any kind of distressed situation.  As investors, we are in business to make a modest profit on any deal, however we can help homeowners out of just about any situation, no matter what!  There are no fees, upfront costs, commissions, or anything else.  Just the simple honest truth about your home and how we can help you sell it fast to resolve any situation.

Give us a call today at 402.909.0686 to let us know what YOU need help with!

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