It comes to no surprise that over the course of the past few months millions of individuals across America have been faced with tough financial decisions. As real estate agents and homeowners ourselves, we understand the rising concern regarding what the next few months will look like. Specifically in the real estate market. Millions of homeowners are no longer paying mortgages on their homes and millions are currently unemployed due to the Coronavirus and events that have transpired since. At some point in time, forbearance will be terminated, and unemployment and stimulus checks will come to a halt. In the coming months, those millions of homeowners will be faced with yet again tough financial decisions. At Moayyer Real Estate Group, we want to do all that we can to help prepare homeowners for what lies ahead.
The last few months have taken us on quite a wild ride. In our personal lives and in our professional lives we are seeing major shifts. As many individuals around the world face the unfortunate circumstances of becoming unemployed, they also come to terms that paying the bills will look a little different now. On the flip side, millions of those individuals have been able to continue to live their lives upon receiving unemployment and government support. Loan officers have even granted forbearance on paying mortgages. Furthermore, we have witnessed growth in the real estate market and signs of a comeback. Circumstances seem to be changing for the better for homeowners who have faced unforeseen struggles.
As households across America began to face financial hardships, The Coronavirus Aid, Relief and Economic Security, or CARES, was implemented. This relief package reduces or suspends mortgage payments for up to twelve months without accruing any late fees. That is, as long as they are backed by Fannie Mae or Freddie Mac. However, the CARES Act doesn’t protect mortgages that are not backed by the government. According to data provided by Black Night, makes up about half of all mortgages nationwide. So what does this mean?
“Over 26 million Americans have filed for unemployment over the last month, leading to nearly 7 percent of all mortgage borrowers asking to be put into forbearance plans.”
-Mortgage Bankers Association Chief Economist Mike Fratantoni
Whether you have been granted forbearance or not, the issue lies in the fact that the 26 million Americans will soon face the harsh financial reality that house payments are going to continue. This is where Moayyer Real Estate comes into play.
Here For You
We know the decisions are tough the outcome is unknown, but we have the resources, capability, and want to help you navigate the way. Many homeowners may be considering the reality that they may need to sell their home. No forbearance and no unemployment support can lead to the unfortunate reality of foreclosure. We want to make sure if that is something you have considered that this doesn’t become YOUR reality. Whether you are buying, selling, or just looking for some advice on what you can do during this time, we are here to help! Give us a call or send us a message!