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All in Mortgage Foreclosure
Home appraisal bias remains an ongoing issue throughout the real estate industry. Homeowners, particularly those of Black or Latino heritage, statistically receive lower property appraisals.
With a tumultuous economy and lots of uncertainty on the horizon, it’s no surprise to find interest in short sales has increased, as Americans look to find financial relief from mortgage payments.
As the coronavirus continues to rage across the land, mortgage modifications are becoming more and more frequent.
The pandemic has presented many challenges for everyone, especially for those who find themselves struggling to pay their mortgage. Though there are programs in place to help—both from the government and lenders themselves—not everyone will qualify.
Here are your options for seeking mortgage modifications or your options if you do not qualify. Most importantly, reach out to your lender to see what options might be available to you.
Post-pandemic foreclosures in Chicago are expected to rise throughout the coming months.
Although the majority of the United States is experiencing an unexpected but welcome positive rise in housing prices, the same cannot be said for certain areas of the country. Chicago and the surrounding areas, unfortunately, have not experienced the bright side of the coronavirus housing market, with multiple counties in Illinois negatively affected and currently seriously at risk of detrimental post-pandemic levels of foreclosure.
With investment portfolios taking a major hit from the COVID-19 pandemic, many are seeking alternative sources of income. Retirees, in particular, who count on investment income to pay the bills are reluctant to sell any of their portfolio at this time. As long as they don’t sell, they won’t “lose” anything. But that means they are stuck with little to no income. One option retirees are turning to is a reverse mortgage. New applications for home equity conversion mortgages, the most common reverse mortgage, were up 15% in March and 50% year-over-year.
Relief for mortgage payments is here. Congress recently passed the CARES Act which provides relief for individuals with federally backed mortgages.
The federal and state governments are working diligently responding to concerns of foreclosure or eviction during the COVID-19 pandemic. With many states enforcing stay-at-home orders, many individuals have lost their source of income, saw partial income declines, and are being forced to work from home.
