The average time it takes for former homeowners who have been foreclosed on to get another conventional loan can go up to seven years, which means many former homeowners are now back in the market eight years after the Recession started.
But many of these potential Boomerang Buyers, like Joel and Amanda Fields, are wary of getting a new loan. “Experts say it's normal for people who have lost a home in a foreclosure or short sale to have concerns moving forward,” USA Today reports.
The Fields lost their home in 2009 after having difficulty paying a medical bill and facing unemployment. Now they want to get back into the housing market, but hesitantly.
A buyer can ask the same question to five lenders and get five different answers, Mr. Fields told USA Today.
"After doing Google research and seeing reviews, you think it's OK," he said. "I did my education and still got fooled. They say they can help you; they need to be transparent and say 'Yes I can" or 'No I can't.'"