Andreea Stucker thought she made a good investment when she bought a Huntington Beach, Calif., condo with her boyfriend in December 2005.
But then she and her boyfriend split up. He moved out just as the housing market crashed, leaving Stucker broken-hearted and broke.
With her own income down at least 60 percent, the real estate agent was unable to make the $4,400-a-month mortgage payments on her own, even after taking in roommates.
“I begged the bank for over seven months to grant me a loan modification to reduce my payments, because I was rapidly going through my savings,” Stucker, 34, recalled. “I ended up completing a short sale on my home, and my credit took a huge hit.”
Three years later, Stucker has mended both her heart and her credit score. She has a new husband and, “miraculously,” a new house.
Stucker is among the emerging ranks of boomerang buyers – people who bounce back from foreclosures or short sales to become homeowners again.
Generally, buyers must wait at least three years after a foreclosure or short sale to qualify for a government-backed Federal Housing Administration mortgage.![]()
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