GET BREAKING NEWS IN YOUR BROWSER. ET ET First Published: Dec. 21, 2020 at 7:21 a.m. June 17, 2020 Updated: June 17, 2020 10:30 a.m. Facebook Twitter Email. To my knowledge, they refuse either because they are afraid of running out of money as their savings are dwindling or they fear an income cut. The same fears apply to property owners. Or, how many simply refuse to pay their rent. Jeff Lazerson is a mortgage broker and adjunct professor at Saddleback College. Just keep in mind: forbearance is not loan forgiveness. That’s a 75% decrease, likely due to forbearance. Related Articles “It’s hard to imagine anything but an increase, and possibly a big one-in foreclosures,” said Todd Teta, Attom’s chief product and technology officer. Kim Reynolds announced that home foreclosure and rent evictions moratoriums will not be extended, according to … “This protects more than 28 million homeowners with an Enterprise-backed mortgage." Hence, more angst, less cash-flow, dwindling savings and another spike in business shutdowns and job losses are sure to follow. Whether you have a government-backed mortgage or not, talk to your servicer about your options. If you see comments that you find offensive, please use the “Flag as Inappropriate” feature by hovering over the right side of the post, and pulling down on the arrow that appears. That’s up from an average of 2,438 properties in some stage of foreclosure. Wells Fargo is offering similar help to its customers. "Help is still available for homeowners who have been impacted," said Keosha Burns, a Chase home lending spokesperson. COVID-19 is a killer, in sickness and lives lost and financial health. Mortgage forbearance has been critical in protecting borrowers affected by the pandemic by providing them with payment relief, while in many cases, also suspending borrower late fees or penalties. Andrew M. Cuomo on Monday announced he will extend the eviction moratorium - set to expire Oct. 1 - to next year, continuing protections for … "We encourage customers to continue making their home loan payments if they can," said Tom Goyda, a Wells Fargo spokesperson, "but are continuing to grant customers impacted by Covid-19 an initial six-month payment suspension, in three-month increments, on any mortgage or home equity line serviced by Wells Fargo Home Lending.". Disclaimer. During the forbearance period, expect to be in touch with your servicer about how you would like to pay. But the good news for homeowners is that many other protections remain in place or have been extended. Ban on foreclosure extended The Federal Housing Finance Agency extended its moratorium on foreclosures and certain evictions until the end of January. These executive declarations and court orders provide important relief in a crisis that will lead to severe health and financial consequences for many homeown… The list may not be complete, as state and local governments continue to adopt new emergency measures at a fast pace. As the economic effects of the coronavirus pandemic drag on, a growing number of Americans are struggling to pay their monthly mortgage. The 15-year fixed rate averaged 2.56%, down 3 basis points from last week and tying the all-time low last reached in May 2013. Foreclosure moratorium of federally backed homes extended until Aug. 31 . The Federal Housing Finance Agency has extended the foreclosure and eviction moratorium for homes with mortgages backed by Fannie Mae FNMA, +0.36% and Freddie Mac FMCC, … Nearly a third of homeowners and renters entered August with unpaid housing bills. Bottom line: Assuming a borrower gets the average 30-year fixed rate on a conforming $510,400 loan, last year’s payment was $192 more than this week’s payment of $2,172. These owners say their restaurants might not survive. While the … The Department of Housing and Urban Development said Wednesday that the Federal Housing Administration will extend its foreclosure and eviction moratorium through Aug. … Factset: FactSet Research Systems Inc.2018. Freddie Mac rate news: The 30-year fixed-rate mortgage averaged 3.07%, down 6 basis points from last week to the lowest rate in almost a half century. Now he can afford McDonald's, Indoor dining is shutting down in NYC. September 2, 2020 Update: The Centers for Disease Control (CDC) issued a nationwide order to keep tenants affected by COVID-19 in their homes through December 31, 2020. Once the foreclosure moratorium is lifted, will the foreclosure numbers explode? Another 800,000 borrowers could still benefit from entering into a forbearance program, Black Knight estimates. Locally, 2,663 properties in Los Angeles, Orange, Riverside and San Bernardino counties were in some stage of the foreclosure process as of January, according to Attom Data Solutions — meaning they either have received a notice of default, have an auction date set or have been foreclosed and reverted to the lender. Sorry, your blog cannot share posts by email. December 2, 2020, 3:04 pm By Alex Roha The Federal Housing Finance Agency extended its moratorium on foreclosures and evictions for borrowers with … Real estate news: Renovations complete on Cornerstone Apartments in Santa Ana Borrowers will need to pay the deferred amount back. Orange County homebuying has busiest November in 15 years Here's what struggling homeowners need to know. He can be reached at 949-334-2424 or jlazerson@mortgagegrader.com. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC 2018 and/or its affiliates. Eye catcher loan of the week: A 30-year fixed rate conventional mortgage at 2.5% with 2 points cost. Fannie Mae continues to offer homeowners in forbearance access to the Disaster Response Network's HUD-approved housing counselors, which can help households navigate the. Assuming more Americans take hold of safer social distancing and other preventive practices and the miracle vaccine is just around the corner, maybe the COVID-19 trajectory drastically drops. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. That’s on top of up to $1.4 billion in property tax and homeowner insurance payments that must be made on behalf of borrowers, according to Black Knight. 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