Boomerang Buyers - WSVN-TV - 7NEWS Miami Ft. Lauderdale News, Weather, Deco

Boomerang Buyers

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WSVN -- When you buy into the american dream, you never expect it to come crashing around your feet.May Girad: "No one can think that something like that could happen to someone. It's really sad."

May Girad lost her house after a string of financial hardships.

May Girad: "Unfortunately I lost my job and I had bought it already, my house, in the past before my pregnancy and I couldn't afford that payment any more so I lost my house."

Typically a foreclosure on your record would mean buying a home again, out of the question.

But talkshow host Tony Martinez says that's about to change.

Tony Martinez: "These are individuals that lost their home during the great foreclosure crisis that started back in 2008 and now through time and new government initiatives, many of these individuals may in fact and are in fact qualifying again to once again have the pride of ownership."

In August, the federal government came out with new guidelines which help erase the black mark that foreclosure leave on their credit report.

Tony Martinez: "This is a game changer. Because normally after a foreclosure or a bankruptcy, you maight have to wait three, five, seven years before you're able to qualify for conventional financing. Now we're looking at a situation where in as little as a year, individuals will be able to buy a home again and this is exciting."

Thanks to these new guidelines, just one year after foreclosure, May is pre-qualified and looking at becoming a homeowner again.

May Girad: "I thought that not anymore in my life I would have a home, that I would have a credit report established. Never. I said to myself, that was my end."

Tony says qualifying for and making the program does take some work.

Tony Martinez: "The first thing that they need to do is they need to prove that they went through a hardship scenario, something that was beyond their control."

He says you also have to re-establish credit, which means paying off your bills.

Tony Martinez: "The other thing is, can they establish, can they prove that what happened has been reversed?"

So if you lost your house because you lost your job, are you now employed? For May, knowing she may own her own home again is worth all the effort.

May Girad: "Oh I feel great! I feel happy. I'm already doing plans, making plans for my family, for my daughter. A new room and trying to do my best and of course don't make the same mistakes that I did before."

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