With the right approach, former homeowners can get on the path to homeownership again
(BPT) - The housing market is re-emerging, building strength and showing signs of robustness that just a few years ago seemed almost impossible. Back then, millions of homeowners were affected by a weak economy and the inability to keep pace with the financial demands of monthly mortgage payments and the associated expenses. As a result, many faced the reality of foreclosure and short sales, threatening that crucial aspect of the American dream. But today, what started off as a glimmer of new hope in the housing sector is shining brighter, and many people who lost their homes are looking for new avenues to rebuild what they worked so hard for.
When the housing bubble burst, a staggering number of Americans were affected - 4.8 million borrowers lost a home to foreclosure while a further 2.2 million gave up their homes in short sales, according to national data by RealtyTrac. The recovery of the housing market has been slow, but the confidence of once-foreclosed-upon homeowners has grown along with it. Sixty-five percent of Americans in Fannie Mae’s national monthly housing survey for April said they would rather buy a home rather than rent if they were going to move. With a new perspective on saving and making wise investments, many of those affected are now eager to get back to being homeowners.
Many former homeowners have learned difficult lessons, and their road back to homeownership will be signposted with challenges. However, it may be possible for them to regain their dreams. These tips from Wells Fargo, the nation’s leading mortgage lender, may help set prospective buyers on the right path:
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