AgentIndustry News

Former homeowners go the rental route

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

By JANIS MARA With about 1 million homes in foreclosure at the close of the second quarter, according to a Treasury Department report released last week, the American dream is going into reverse at bewildering speed for homeowners across the country. For some former homeowners, renting provides financial relief or a new beginning. And while those interviewed for this article became renters for different reasons, they all plan to be owners again. Frances Flynn Thorsen is one of the last people you would expect to lose a home to foreclosure. As a Pennsylvania Realtor, she helped hundreds of clients keep their homes over the last 22 years, working as an specialist for bank-owned properties (REOs) and HUD homes (homes that are sold by the U.S. Housing and Urban Development Department after a foreclosure action on a property with an FHA-insured mortgage). Foreclosure creates renter But in 2005, her home was foreclosed in the wake of a refinance loan that she now considers to be...