Agent

4 steps to buy again after foreclosure

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

Homeowners facing foreclosure seem to be desperate to buy again. Frequently, I receive letters from someone who hasn't yet lost their home to foreclosure but anticipates they soon will, and wants to be able to get back into the market, quick-like. Many claim their haste is because they don't want to miss out on today's bargain housing prices or interest rates. Yet neither seems poised to rise significantly any time soon. In the same breath, many of these folks say they're ready to pay top dollar for their next home, and pay an additional premium if they are forced to rely on lease-to-own, seller financing, or a hard-money mortgage. Others claim they don't want to miss out on the opportunity to build equity in a home instead of paying rent, or cite the tax advantages of homeownership as the piece they particularly want to retain. My advice is almost always this: Slow down! Most legitimate loan programs now impose a three-year-plus waiting period after a borrower loses a ...