If you lost your primary home ( the home you lived in) to short sale or foreclosure in the downturn of the real estate market in 2006,2007,2008 even 2009 you are known to the real estate industry as the "Shadow Consumer."
What is a shadow consumer? A shadow consumer is anyone who lost their home to short sale or foreclosure when the real estate market tanked. No matter whether you lost it due to relocation, job loss, illness, missed payments none of that matters. The fact is that was your old life and hopefully life is better, you've licked your wounds, and have taken the right steps to cure your credit. If so you are what is known as a Shadow Consumer.
It's happening already. I have personally assisted several purchasers buy a home even though they have suffered the loss of loosing their home. These are two examples off the top of my head.
- I helped a family who owned a large single family home buy a smaller home however it was a large garage townhome. They were eligible for an FHA Loan only six months after they did a short sale. Why? Because they never missed a mortgage payment during the sale of their big house. The wife had lost her job, they knew they could not hold out for long. The bank agreed to grant them a short sale, and they went into a rental for six months. As soon as the six months passed they purchased a home they now love in Belmont Bay here in Woodbridge Virginia. "What's not to love?"
- I helped a relocating couple coming from California. They had lost their home to foreclosure over three years ago. I was able to help them get a like new two year old home with a two car garage, three finished levels, and a fenced back yard in their price range. They settled a few months ago.
So if you have questions or are just curious your first step is to contact a local lender and let the loan officer look at your situation. My recommendations would be any of these loan officers. Learn who they are. Those are the loan officers I've personally worked with whom I trust to give you straight talk and who can help you ready yourself to buy again.
"Remember the down turn in the market happened to you.You did not do this to the bank.
It's time for a fresh start and to start dreaming again."
You can now purchase a home at a far better price, and secure a historically low, low interest rate using FHA Financing and right the wrong that happened to you.
Nothing would give me greater pleasure to help you unlock that front door to your new home. Call me 703-851-3085 and let's talk about your hopes and dreams, and wish list and I will coach you on all of the options available to you.