Will There Be A New Wave Of Foreclosures Coming In The Future

Dated: 04/01/2020

Views: 44

With all that is going on with COVID-19, many are concerned so we may see a new wave of foreclosures in the near future. Restaurants, airlines, hotels, and many other industries are furloughing workers or dramatically cutting their hours and if not getting rid of them that mean they don't have a job to pay their bills. Without a job, many homeowners are wondering how they’ll be able to afford their mortgage payments so fear will set in.

In spite of this, there are actually many reasons we won’t see a surge in the number of foreclosures like we did during the housing crash over ten years ago. Here are just a few of those reasons:

Has The Government Learned its Lesson the Last Time?

foreclosure and evictionThe Federal Housing Finance Agency announced  it is directing Fannie Mae and Freddie Mac to suspend foreclosures and evictions for “at least 60 days.”

Have Homeowners Learned their Lesson the Last Time?

  • 37% of homes in America having no mortgage at all American you must get out of debt.

  • Of the remaining 63%, more than 1 in 4 having over 50% equity is it smart to up size at this time or down sized.

There Will Be Help Available to Individuals and Small Businesses

The plan also recommends $300 billion for small businesses.

Treasury proposed two $250 billion cash infusions to individuals: A first set of checks issued starting April 6, with a second wave in mid-May. The amounts would depend on income and family size.” Keep your eye out for that.Don't go out and get your self in more debt live frugal on till things bounce back.


Just don't sit and wait help is out there do your research and find it. However, the lessons learned from the last crisis have Americans better prepared to weather the financial storm this time around.

Research links below...

https://www.sba.gov/funding-programs/grants

https://www.hud.gov/press/press_releases_media_advisories/HUD_No_20_042

https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Suspends-Foreclosures-and-Evictions-for-Enterprise-Backed-Mortgages.aspx

Image title


Want to Advertise on this Site?

Latest Blog Posts

Will There Be A New Wave Of Foreclosures Coming In The Future

With all that is going on with COVID-19, many are concerned so we may see a new wave of foreclosures in the near future. Restaurants, airlines, hotels, and many other industries are furloughing

Read More

COVID19

Check out the Center for Disease Control and the World Health Organization for more information on how to protect your family and yourself. #healthy #health #thehelpfulagent #houseexpert

Read More

JUST WASH YOUR HANDS

JUST WASH YOUR HANDS Your health and well-being of our local communities around the globe is very important. The World Health Organization (WHO) and the Centers for Disease Control and

Read More

Top 5 Home Design Trends

Top 5 Home Design Trends for a New DecadeWhether you’re planning a simple refresh or a full-scale renovation, it’s important to stay up-to-date on the latest trends in home design. Sellers who

Read More