Gerald’s Article Insights: “Foreclosures dog even wealthiest home buyers”
Defaulting on your mortgage payments is rarely what you have in mind when you buy a property—but if you don’t have the money, then you can’t pay. As the saying goes, you can’t get blood from a turnip. The good news for people who did default on their mortgage during the financial crisis is that there are lots of other people who found themselves in this identical position. With millions of people in the same unfortunate situation, it’s in the best interest of both banks and the federal government to find a responsible way to lend to previously foreclosed-upon homeowners who have since recovered financially. It will most likely take more time and require more paperwork to get approved for a loan, but lenders have to lend so don’t assume that you can’t get another mortgage loan after a foreclosure.