Glendale, CA (PRWEB) March 05, 2013
According to Vahe Hayrapetian, Sales Manager of Skyline Home Loans, defaulting on a home loan is one of the most serious financial problems that modern consumers and investors can face. Over the past years, this problem has become so widespread that many banks and private lenders have fallen into financial crisis as a result. Although many Americans faced foreclosure during this economic crisis, a new report from NBC News reveals that these home loan defaulters may not have seen the end of the road in terms of their financing future.
While many may suspect that gaining a home loan after defaulting on one would prove incredibly difficult, the opportunity to obtain financing after foreclosure is actually quite possible. The article states, “These so-called ‘strategic defaulters,’ some of them investors and some owner-occupants, are coming back to the market, despite damaged credit, and apparently the market is welcoming them back.” The article also cites a new study that reveals 1.5 million Americans who will be eligible for home loans by the first quarter of 2014 will have actually faced a previous foreclosure.
According to the article, some lenders still have extensive waiting periods before a previous defaulter can qualify for a home loan. While this waiting period may make sense to many, others find that allowing strategic defaulters to enter back into the housing market is a “smart decision.” The article cites one study that found home loan defaulters remain more reliable that those who defaulted on credit card or auto loans during the Great Recession. As such, some in the lending community feel that it is wise to allow these mortgage-only defaulters to obtain a new home loan, because their financial problems were only related to the unique circumstances of the recession and are most likely stronger, more reliable borrowers today.
While some may stand by the credibility of strategic defaulters, Vahe Hayrapetian urges those who have faced foreclosure during the recession to carefully weight their options before seeking out another purchase. “While many may think that foreclosure is the end of the road for their future as homeowners, it is very possible to still realize this dream. However, it is important to learn from previous mistakes and to realize that times have changed. Home loan requirements are stricter and financing may come at higher prices, so instead of reaching for whatever option is available, strategic defaulters should carefully assess which available loans fit their needs. If one is not suitable, it may be better off to wait it out,” Vahe Hayrapetian concludes.
Vahe Hayrapetian is a sales professional with an impressive career history, focused primarily on financial services and home loan companies. Presently, Hayrapetian is the Sales Manager of Skyline Home Loans, based in Glendale, California; previous positions include management roles at Bank of America, GMAC Mortgage, and more. Outside the office, Mr. Hayrapetian is an enthusiastic supporter of FCN, a non-profit organization that seeks to enrich the lives of poor Armenian children.