Orlando Home Buyers Buy Their House Back After Losing It To Foreclosure!
Every once in a while we hear a story about something that inspires us and that reminds us that good things still happen in the world. In this case it was about one of our clients, Jose and Mary Guadalupe had gone through some financial hardships due to loss of employment and ultimately ended up losing their South Orlando dream home located in the Meadow Woods sub-division to public foreclosure auction.
After it went through the foreclosure process another family bought it and just 2 years later, they hired our Company to complete a short sale on the property. And so we did then we actually ended buying it ourselves as a re-hab property. We completely rehabbed the home installing new cabinetry, flooring, fixtures, etc. The day I went to put a “For Sale” in the yard was the day I met the Guadalupe family for the first time.
These Orlando Home Buyers Never Gave Up Hope
They went on to tell me their story about how they lost their dream house to foreclosure and about the deep depression the family went through because of that experience. Since going through that experience, Mr. Guadalupe was now employed as a local truck driver for over 2 years and their financial situation had really turned around for the better. As a matter of fact, the family had recently been house hunting in that same neighborhood for the past several months never finding one that interested them.
Mrs. Guadalupe claimed that she would drive by her old house several times per week just hoping that one day it would be for sale. Then the one day came when they spotted me installing our sign in the front yard. After listening to their story, I was happy to show them around the newly renovated home. It didn’t take long for Mrs. Guadalupe to start getting teary eyed as she walked into the kitchen where she had prepared thousands of home cooked meals for her family. ” My kids were raised in this house” she said. It was right then and there that we decided to do everything in our power to help the Guadalupe family get back the house that they had lost just a few years prior.
Typically, it’s much harder to get a mortgage on a property after you’ve gone through a foreclosure or short sale and it used to be that you would have to wait 7 years before you could even apply for a mortgage but with the new lender guidelines in place it could go down to only 3 years for some people. Although, buying back the same home that you lost to foreclosure is extremely rare, the Guadalupe family are among a recently emerging group of purchasers, that were able to get back into the housing market under new, more forgiving lender guidelines.
With these new rules in place, thousands of Central Floridians who have gone through a foreclosure have the potential to make buying a home a reality again. Over 100,000 homeowners in Orlando have lost their home to foreclosure or short sale since the real estate crash of 2007.