I pray that this article finds you and your family healthy and safe.
Many clients and friends have called with questions about what's going on in the housing market.
The coronavirus pandemic has created a lot of stress and uncertainty. More than 14 million people are unemployed nationwide, and many families are behind on their mortgage payments or rent.
Foreclosures and evictions have been temporarily halted for several months on loans and leases backed by federal government programs.
And many lenders and landlords that are not subject to federal programs have also temporarily stopped pursuing foreclosures or evictions.
However, some of these temporary stimulus and forbearance programs are set to end in July and August. Not surprisingly, the Eviction Lab at Princeton University predicts that 20 – 28 million people could be displaced between July and September of this year. (click to read article)
So, the question is, what happens next?
Many homeowners and renters may find themselves facing foreclosure and eviction.
Many others may discover that the mortgage payments that had been put on hold are now due.
For example, if your mortgage payment is $2,000 per month and you have been allowed to skip payments for five months, you may now owe your lender $10,000 in addition to your regular monthly payment.
While some industry observers believe that we could see a repeat of the housing crash from ten years ago, there is some good news. (watch the video below)
For these uncertain times, I've created three e-books that will give homeowners needed information to help them understand their options.
Just click the links below or text the code to 79564 to receive a free copy. There is no cost or obligation.
As always, I am here to answer any of your real estate questions.
Please pass this information on to family, friends, neighbors, coworkers, and anyone that you know that could use this helpful information.