➜➜➜ Video for you: Homeowner Options after their Mortgage Loan Forbearances Ends
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Here’s what’s set to expire soon: According to the Consumer Financial Protection Bureau, “If your loan is backed by HUD/FHA, USDA, or VA, the deadline for requesting an initial forbearance is September 30th, 2021.” In other words, homeowners with these types of loans have until Sept 30th to request a forbearance plan, if they haven’t entered into one yet. However, for homeowners with mortgage loans backed by Fannie Mae or Freddie Mac, there still is NO deadline for requesting an initial forbearance.
Per the Mortgage Bankers’ Association (MBA), out of all the people who have ended their forbearance so far, only 7.4% have either sold their houses or refinanced their mortgages and only 1.4% resulted in repayment plans, short sales, deed-in-lieus or other reasons. Therefore, if history repeats itself then the majority of these 1.6M in forbearance will either do a loan deferral and a very small fraction will end up selling their houses.
On top of this, Black Knight reported that 98% of borrowers in active forbearance have at least 10% equity in their homes so they should have the ability to sell their houses, if needed.
Comment below: what’s your US housing market forecast? Do you think a housing crash 2021 will happen and there will be a housing crash due to a housing bubble, a 2021 housing market crash 2021 or are your housing market predictions that the real estate market 2021 and home prices 2021 will continue to surge?
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Jason Walter, CPA (lic 103885)
Sacramento Realtor/Sacramento real estate agent and native
Realty ONE Group Complete (DRE 01923240)
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More of My YouTube Videos:
Why Aren’t Home Prices Dropping? Housing Market 2020
BEWARE – Why I Cancelled My Mortgage Loan Forbearance Offer
Mortgage Loan Forbearance Update (5 MAJOR CONS of Mortgage Loan Forbearance & More):
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Disclaimer:
Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video – it is for entertainment purposes only.
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#foreclosures #housingmarket #forbearance