"Yes you can buy a Home after short sale, foreclosure and Bankruptcy in Northern Virginia!"
As someone who lost my own home to foreclosure I can relate to buyers who have gone through this. For so many the loss of a home came due to loss of job, diminished income, illness ,divorce or even a transfer with no way to sell or rent. It happened to many good honest people caught in a nightmare in between 2007-2010!
According to and article in REALTOR Magazine their were 5.43 million households that were affected.
That number tells you we were not alone and personally offends me that this country could not have found a better way to work through such a National Housing Disaster but that is for another day!
In fact many of the 5.43 million previous homeowners that went through this have recovered they were not dead beats who just decided not to pay their bills and are just now starting to get the confidence to buy again. Amazing to say I do see the silver lining for many as they were the lucky ones. Yes it was awful but many are mending and are starting to dream of home ownership again and the interest rates are on your side hovering at 4% therefore giving you more affordable payments on homes that have adjusted to reasonable values.
And of course they came up with a name for all of these buyers it is called Boomerang buyers.
I see homes in Northern Virginia daily that are still underwater and cannot refinance . It is getting better but in high cost areas like Northern Virginia people who purchased in 2004-2007 are still hurting, They cannot take advantage of lower rates or sell so they are struggling so we will see short sales for quite some time in this area.
The good news is anyone who purchased in the last four years have equity and are able to sell and move up or relocate. So if you are thinking of buying again know that people who have reentered the market are doing fine. Were the name Boomerang Buyer with pride like a badge of honor! You fought a personal war and survived and now it is time to thrive!
So what are the rules for Buying After Short Sale, Foreclosure and Bankruptcy you might ask. They are much better than you may have thought you can buy in one year and maybe even before that if it was a short sale with no late payments. It is very specific to your circumstances but here is a good rule of thumb.
Mortgage Waiting Periods after Foreclosure, Bankruptcy or Short Sale
Over the past several years I have helped many people return to the market to buy a home. They were scared but wanted to own again and took the chance and it was not as bad as they had thought! I have had the privilege of giving them the keys at settlement and restore the dream of home ownership. I have witnessed the tears of joy and the pride come back as the shame rolls off their backs! That is always makes my day!!
"So if you are reading this and have been through this or know someone who has even if they are going through it now please considering talking to me and let's put a plan in place to make you a home owner again."
And if you want to see what is possible contact Markita Aldridge Woods at Weststar Mortgage located in Woodbridge Virginia. She is an awesome loan officer and has seen and heard it all and shows people the way to move forward.
Put my Mobile APP on your phone now!
If you have gone through a foreclosure, bankruptcy or short sale call me and let's talk I have been where you are and I am still standing and have learned all I need to know to help you become a home owner again.
Feel Free to Call or TEXT me direct at 703-801-9367 for real estate assistance.
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