Persuasive Essay On Losing A House

To many people, losing a house can be as damaging as losing a loved one. Being forced to go through a foreclosure or sell a cherished home for far less that what it is expected to be worth can take a hit on every aspect of a family’s, or anindividual’s life. When the recession began in 2007, approximately 4.8 million home owners lost their homes to foreclosure and 2.2 million lost their homes to short sales. Almost eight years later, as we are coming to the close of 2014, the economy is progressively making its recovery from the recession. Job growth is increasing in a multitude of professions, creating a new demand for real estate, and the penalty periods that people were sentenced with after losing their homes are coincidentally coming to an end as well. With the market conditions being desirable, there are plenty of options for buyers with plagued financial paststo make a comeback and become homeowners again, earning the name “Boomerang Boyers”. The waiting time to be approved for another mortgage loan after a foreclosure or the short sale of a previously owned home loan depends on which lenderthe loan will beobtained from. If a

Unlike to Rent-to-own, a mortgage is drawn up and the buyer makes their mortgage payments directly to the seller instead of a bank. The buyer is required to make a down payment, usually not as high as one thata bank loan requires, as well as monthly mortgage, and insurance payments. In turn, the seller makes their mortgage payment with the money obtained from the buyer, and anything remaining after paying the mortgage payment, the seller keeps. Once the mortgage is paid off, the deed to the house is awarded to the buyer. It is important to have thorough contracts with either Wraparound or Rent-to-own buying, as a buyer may not be protected if the seller of the house defaults on their payments and allows the property to go into