Segment 4 – How to Avoid Foreclosure after the Foreclosure Moratorium – Hot New Listings
Barb, after COVID many people already in homes were given a Foreclosure Moratorium if they were unable to make their house payments. Now that that moratorium is lifted what are some people facing who have not made their house payments? Good News! They have EQUITY!
One Thing we Learned from the Last Melt Down:
• Once a Mortgage Borrower Gets Behind.
• It's Very Difficult for them to Catch Up on Missed Payments
The Government:
• Stopped Foreclosures
• Required Lenders to Work with Those Borrowers to either: Add Missed Payments to Loan Balance or Give Loan Modifications
Now that the Moratorium is Lifted People have to:
• Makeup or refi Back Payments
• Get a Loan Modification
• Sell the Property… We Are Seeing an Increase in Foreclosures
The Good News: Colorado is Among the LOWEST in Borrowers NOT Current On their Mortgage:
Forbearance Facts:
At the beginning, 7 Million were in Forbearance now 2.1 Million
I’M CAUTIOUSLY OPTIMISTIC:
Yes – Harder to get a mortgage Market Fundamentals are Stronger Than Many Markets Some are not as optimistic because of higher prices: Appreciation since Covid pushing 30%
What if These Seriously Delinquent Borrowers End up in Trouble?
What Happens Now That the Moratorium is Lifted?
• CFPB – Came out with NEW Rules:
• Borrowers MUST be communicating with their lenders or FC could start. It Takes 5 Months to Foreclose It Takes 1 Month to Sell it!
What are the new CFPB Rules?
”Smooth and Orderly Transition”
1. Give borrowers a meaningful opportunity to pursue loss mitigation options
2. Allow mortgage servicers to help borrowers faster
3. Tell borrowers their options.
What are the new OPTIONS?
1. Resume Regular mortgage payments
a. Missed payments add to balance
2. Lower their monthly mortgage payments.
a. Loan Modifications
What are the new State OPTIONS?
1. Emergency Mortgage Assistance Program
a. Have ‘Covid Hardship’
b. Up to $40,000 Grant Per Household
The Barb Has The Buyers Been using it since 2014
I have 27,000 Buyers-in-Waiting I have: 100 Buyers that are a High Match to any home. If You Are Thinking of Making a Move in the Next 2-6 Months and Want a Free Consultation: Go To Barb Has The Buyers.com Button in the Center: Find My Buyer WE Even Have CASH Buyers that will Buy the Home AS IS for Cash!
If You Are Planning to Move Later this Year and want one of our Free Reports that will help you Prepare to Sell for the Most Money Like the report entitled: “FREE Report Offer: INSIDER SECRETS: How To Sell Your Home for the MOST Money” Go To Barb Has The Buyers.com Button at Top: Free Reports Or Give us a Call at 719 301 3900 ask for Barb
You are listening to the Real Estate Voice that Airs Every Saturday, If you are thinking of making a move you call me at 719 301 3900 or visit BarbHasTheBuyers.com You can see replays of this show on my YouTube Channel – Barb Schlinker, or Listen to the Podcast on all the Podcast platforms like Apple Podcast, IHeartRadio, and many others. Thank you for listening and to reach me give me a call at 719 301 3900. Thank you for listening!