Showing posts with label Home loan after foreclosure. Show all posts
Showing posts with label Home loan after foreclosure. Show all posts

Monday, October 14, 2013

A new beginning after foreclosure

In 2008, the financial services firm of Lehman Brothers crashed and nearly 25,000 people lost their jobs. After this, the American dream of owning a home was shattered for many. It was the worst financial collapse since the Great Depression of the 1930’s and it led to a complete financial meltdown. What followed the crisis was widespread unemployment and foreclosure for many. It was a great setback for homeowners who were forced to give up their homes because they were unable to make their payments on their home mortgage loans. It was an unforeseen circumstance that came without warning.

For many, foreclosure is a painful reality because it is associated with one of the most important possessions of our lives – our homes. A home is more than a structure with four walls; it’s our dream, a world where our families can feel safe. In the case of financial hardships, when we have no other options but to accept a foreclosure, we feel broken. At this point, it is important to understand that foreclosure is not the end. With lending companies who care, there can be a new beginning in assuring the possession of a new house.

Usually, a borrower who has gone through foreclosure is supposed to wait for years before applying for home mortgage loans. There are a few lending companies who work with borrowers sooner with the aim of helping people get into a new home, even after foreclosure. Such lenders have the ability to walk in the borrowers’ shoes and understand their situation. Unlike other lenders who make re-entering the market difficult, there are some lending companies who try to figure out the circumstances of the borrower and work with them. In return, the borrowers invest their trust in them because of the lender’s interest in helping them start anew.

Not all lenders take the time to understand and identify the causes of previous struggles. There are a few, however, who possess the understanding and experience to deal with the emotions of people who face helplessness in times of hardships. The true separation between such compassionate lenders and their competitors lies in the reliability and determination to provide solutions that will last in the long run.