Don't Get Stuck In The Mud
" More than 3 million mortgages are past due, most in Coronavirus Aid, Relief, and Economic Security (CARES) Act forbearance plans"
Over the last 18 months the government simply could not allow the housing market to fall apart when the country was amidst the largest health crisis in modern history. Programs were put into place to help desperate homeowners. The Supreme Court just ended the moratorium on evictions and the first wave of forbearances are also starting to happen.
Soon enough those will end and the market will change drastically. It will happen quickly. The upcoming market correction is something we must prepare for. Hot markets are great until they aren't. Are you prepared for when the time comes that you as a buyer and/ or seller have waited too late to make a change?
There is a lot of inventory expected to come onto the market in 2022, and this inventory is expected to drive real estate prices down.
By projections, more than 3 million mortgages are past due, most in Coronavirus Aid, Relief, and Economic Security (CARES) Act forbearance plans. With a federal foreclosure moratorium having expired on July 31, 2021, borrowers’ forbearance plans reaching their maximum terms, and additional safeguards for borrowers against servicers starting foreclosure expiring on January 1, 2022, examining how these mortgages are resolved is critically important.
Follow this link to the monthly forbearance report examines the very latest figures on mortgage forbearances, evaluates home-retention options for federally insured mortgages in forbearance, and examines delinquency and foreclosure trends in the broader market.
Don't wait until you run out of options.