01/06/2022
There Won’t Be a Wave of Foreclosures in the Housing Market
Here’s why there won’t be a wave of foreclosures in the housing market.
>>There Are Fewer Homeowners in Trouble This Time
After the last housing crash, over nine million households lost their homes. Many believed millions of homeowners would face the same fate again this time. However, today’s data shows most homeowners exited their forbearance plan either fully caught up on payments or with a plan from the bank that restructured their loan in a way that allowed them to start making payments again.
>>Those Left in the Program Can Still Negotiate a Repayment Plan
As of last Friday, the total number of mortgages still in forbearance stood at 890,000. Those who remain in forbearance still have the chance to work out a suitable plan with the servicing company that represents their lender.
>>Most Homeowners Have More Than Enough Equity To...
When mortgage forbearance plans were first announced and the pandemic surged through the country in early 2020, many homeowners were allowed to pause their mortgage payments. Some analysts were concerned that once the forbearance program ended, the housing market would experience a wave of foreclosu...
