mortgage 01Foreclosed homeowners forgo new mortgages

 

This is a toledoblade.com article.

 

PITTSBURGH — Losing a home to foreclosure has left such a bad taste with some former homeowners that they have lost much of their will and desire to go through the underwriting process to get approved for a new home loan — even though years may have gone by since the foreclosure episode.

“I’ve seen people spend five or six months working with a mortgage officer only to be denied a loan. They are tired. You can see it on their faces,” said Dan Sullivan, a foreclosure prevention specialist at Action Housing in downtown Pittsburgh. “They find a comfort zone in renting.

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