Forbearance was a huge topic two years ago, but what happened to it? Did it actually help homeowners, or has it put all of us in a bad situation?
Hi, I'm Stephanie Martenzi, Super Mom Super Agent with Southland Properties. And I'm going to share with you how forbearance may affect the housing market.
Two years ago, forbearance was used as a tool to help homeowners with their mortgage and it caused a lot of unease concerning the long-term effects.
The good thing?
The numbers concerning forbearance look great. With about 4.2 million people using forbearance at the start, we are now down to 690,000 loans still in forbearance.
According to Black Knight, 92% of those in forbearance have since come out of it. Whether they went through modification or paid it back already, the majority of people are through this bump in the road. For those who have not found a solution yet, there are still a number of options to resolve this situation.
The big takeaway here is that because of the number of people still in this situation and the number of options available, it leads experts to believe that forbearance will not create a bubble or a major downturn in the market.
If you have any other questions about the market, reach out to me and I can help you decide what's best for your family in the current market.
This is Stephanie Martenzi, Super Mom Super Agent with Southland Properties, here to help you have a super fun, empowered and informed real estate experience by guiding you every step of the way. If you see me out in the community, make sure to say hi.
Σχόλια