Pursuits
Americans Seize Second Chance Mortgages Post-Foreclosure
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Jason Schmitt lost his $90,000-a-year job at an oil rig in 2009. The bank repossessed his Tulsa, Oklahoma home and the former Army combat engineer went bankrupt. Last month, after moving with his family to his Missouri hometown, he got a Veterans Administration mortgage that lets borrowers buy property just two years after a foreclosure.
“I’m not embarrassed by saying we had a bankruptcy -- it seems that so many people have fallen victim to losing their job,” said Schmitt, 35, now a recruiter for the Department of Veterans Affairs. “We’ve come back from this and we are not going to give up on homeownership.”