Foreclosure

Foreclosure isn’t a good thing, but knowing more about how it works and the alternatives to it can be useful.

Home Equity Could Prevent Flood of Forbearance-Related Foreclosures

Home Equity Could Prevent Flood of Forbearance-Related Foreclosures
June 8, 2020 No Comments »

The latest Mortgage Monitor report from Black Knight reveals that many homeowners in forbearance plans are sitting on a healthy amount of home equity, meaning if they’re forced to sell banks may not lose out. Per the data analytics company, ... Read More »

FHA Will Insure Mortgages in Forbearance, With a Catch

FHA Will Insure Mortgages in Forbearance, With a Catch
June 5, 2020 No Comments »

The Federal Housing Administration (FHA) finally announced a new policy, which is temporary, to endorse mortgages where the borrower has requested or obtained COVID-19 forbearance. Mortgagee Letter 2020-16 temporarily reverses the FHA’s existing policy that doesn’t permit FHA insurance for ... Read More »

Mortgage Forbearance Rate Only Rises 3% From a Week Ago, But Second Wave Could Be Coming

Mortgage Forbearance Rate Only Rises 3% From a Week Ago, But Second Wave Could Be Coming
May 18, 2020 No Comments »

Maybe there’s some good news out there, or maybe it’s just the calm before another storm. The mortgage forbearance rate barely budged during the week ending May 10th, per the latest installment of the Forbearance and Call Volume Survey from ... Read More »

Mortgage Forbearance Rate Up Near 8%, Housing Assistance Fund Proposed

Mortgage Forbearance Rate Up Near 8%, Housing Assistance Fund Proposed
May 11, 2020 No Comments »

The mortgage forbearance rate increased again last week, rising to 7.91% from 7.54% a week earlier, per the Mortgage Bankers Association (MBA). That marked the smallest weekly increase (4.91%) since the newly-created Forbearance and Call Volume Survey was launched, but ... Read More »

Fannie Mae and Freddie Mac Agree to Buy Mortgages in Forbearance

Fannie Mae and Freddie Mac Agree to Buy Mortgages in Forbearance
April 22, 2020 No Comments »

While the CARES Act has allowed millions of homeowners nationwide to put their mortgage payments on hold, doing so has left lots of questions for mortgage lenders. One being how they’d continue to pay investors while the loans they service ... Read More »

Nearly 6% of Mortgages in Forbearance as FHFA Provides Relief to Loan Servicers

Nearly 6% of Mortgages in Forbearance as FHFA Provides Relief to Loan Servicers
April 21, 2020 No Comments »

With each week that goes by, the mortgage forbearance rate climbs to new highs thanks to the coronavirus (COVID-19). The more or less complete shutdown of the world economy has led to skyrocketing unemployment and the inability for many to ... Read More »

Nearly 3 Million Homeowners Already Receiving Mortgage Forbearance

Nearly 3 Million Homeowners Already Receiving Mortgage Forbearance
April 17, 2020 No Comments »

We’re now getting more information on just how many Americans might be receiving mortgage relief due to the crippling effects of coronavirus. It’s only been a couple weeks since mortgage forbearance programs were officially launched, including the relief that’s part ... Read More »

Could a Cash Out Refinance Be a Better Solution Than Mortgage Forbearance?

Could a Cash Out Refinance Be a Better Solution Than Mortgage Forbearance?
April 16, 2020 1 Comment »

The current solution for those struggling to make mortgage payments due to COVID-19 is mortgage forbearance. It allows homeowners to “pause” mortgage payments for anywhere from six to 12 months while their income is reduced or completely nonexistent. Once it ... Read More »

Mortgage Forbearance Rate Worsens, But Most Probably Won’t Lose Their Homes

Mortgage Forbearance Rate Worsens, But Most Probably Won’t Lose Their Homes
April 14, 2020 No Comments »

Well, another week has gone by, and with that a new wave of mortgage forbearance requests. The total number of home loans now in forbearance is 3.74%, up from 2.73% a week earlier, per the latest Mortgage Bankers Association’s (MBA) ... Read More »

Which Housing Markets Are Most at Risk From COVID-19?

Which Housing Markets Are Most at Risk From COVID-19?
April 8, 2020 No Comments »

While it’s hard to compare the current possible housing crisis to the very real one experienced about a decade ago, there are fears of negative market impact due to COVID-19. We’ve already seen listing prices fall, along with a big ... Read More »