In early 2005 many banks had very loose lending standards and it was not very difficult to receive a loan. There were no restrictions on qualifying anyone for a loan and many U.S. Citizens purchased extremely expensive homes while still only making a middle class citizen salary. This was unfortunate because many single families suffered tragic losses that could have been avoided if they were denied the loans for the homes. It’s a very ironic situation because the banks were forced to repossess more than half of the homes that they granted loans to! This action put many families in debt and caused a vast amount of banks to have little to no return on their investment, consequently the banks loss money. This was due to the subprime mortgage loans which made loans accessible to borrowers with poor credit, with no revenue to keep paying the mortgage on the property ...
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...yer is finally ready to purchase and they select a broker of their choice the broker will have a ready-willing and able buyer.
In conclusion, the housing market crash of 2008 damaged many lives and broke many homes. However, the foreclosure victims are in the process of no longer being in the shadow of debt and delinquency but are now on the verge of bouncing back from what one would call “bad first half performance”. The housing market is now on the upturn and more homes are being bought and develops are constructing more homes every day. The option of renting-to-own is now available because many first time buyers want to take the time to build equity to purchase their homes and consequently receive a lower interest rate when purchasing. The victims of foreclosure are ready to become sensible buyers and provide homes for their families and I find no fault in that.
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