🚨 High-Priced Loans More Likely to Be in Forbearance, Study Says ☘ Hoey Team ☘ exp Realty 🌴 Southwest Florida 🌴

Dated: December 31 2020

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As of Dec. 1, about 2.8 million homeowners are in a forbearance plan due to the COVID-19 pandemic.

Realtor Magazine 2020 12 30 High Price loans more likely to be in Forberance since the beginning of the plandemic after going through the COVID-19 Coronavirus pandemic Hoey Team exp Realty

Homeowners who are struggling to make mortgage payments can request from their lender a pause or reduction in their mortgage payments for up to a year.

Forbearance rates are trending highest among higher-priced loans, which are considered loans with a rate spread of 1.5 percentage points or more, according to CoreLogic, a real estate data firm. On the other hand, forbearance rates are lowest for loans with a rate spread of 0–0.25%.

Forbearance is strongly tied to delinquency if a borrower’s financial situation does not improve by the end of their term.

“Higher-priced loans were more likely to experience forbearance than lower-rate spread loans,” according to CoreLogic’s analysis. Once their forbearance period is up, “there is a risk of an increase in mortgage foreclosure, especially among borrowers who remain in financial hardship and have little or no home equity.”

Still, there is hope. Not all forbearance loans are in delinquency, the researchers note. About 30% of homeowners with conventional loans in forbearance plans in October were still current on their mortgage payments. As such, some homeowners may be using forbearance as a fallback plan in case their finances worsen but haven’t needed it yet.

The Consumer Financial Protection Bureau offers a dedicated webpage for homeowners who are struggling with their mortgage and trying to find housing assistance options during the pandemic.

Here in Southwest Florida 🌴 especially as people continue to move / relocate to the area from other parts of the US, inventory remains low overall, but we do continue to list new properties to the market and sell many homes; both Single family, and Condo type.  We have also seen an uptake in people planning ahead, and buying that second home now, rather than waitiang as they were planning to do.  Low interest rates are probably helping with this additionally.  Low inventory is the greatest chalenge for buyers.  For those relocating to Florida, we are pleased to be able to assist homeowners in other parts of the United States who need to sell to buy here; please reach out today for more information and how you can have a smooth, non-stressful transition / relocation.

At our Real Estate Team; Hoey Team ☘ we have been succesfully working 100% virtually / remotely for the past number of years as we continue to grow; i'm glad we already had systems in place to better help sellers and buyer with goal posts continually moving in our industry.

Article content from our NAR (National Association of REALTORS) Newsletter Magazine, and from other sources including Hoey Team ☘ exp Realty, Freddie Mac and Forbearance Rates Higher for High-Priced Loans, CoreLogic Insights Blog

For those Living in or Visiting Southwest Florida wanting additional resources, or a list of places to see / visit:   www.VisitCollier.Com      Feel free to share this resource page with others  🌴

NOTE for Buyers and Sellers: On our Hoey Team â˜˜ VIRTUAL OPEN HOUSE Page you may WATCH ? Detailed HD 3D Immersive VIDEO ? Walkthrough Tours for all our COMING to MLS & AVAILABLE LISTINGS right HERE: ? www.SWFLVRE.com  ? 

For more Real Estate related information, or if you have questions on any aspect of Buying, Selling, Upsizing, Downsizing, Moving within or Relocating to or from Florida (the number 1 state for people to move to), or on any aspect of the Real Estate Market, Locally, Nationally or Internationally, please let us know, we can help, we can address / answer your questions, and we are always available to help you or someone you know.

P.S. --> If You'd like for us to create a Video Tour for ANY of the Properties on our website, just CLICK "Video Request Button"; from property details https://HoeyTeam.239RealEstateDeals.Com

CLICK HERE to Visit our High Definition Virtual 3D Open House Tours Page 24/7

Click Here for our most recent Market update Report for Southwest Florida and beyond.

We do not discriminate on price, we help homeowners and renters in all price ranges; Click Here for more information on the Hoey Team ☘ and what we do to help or visit HoeyTeam.Net anytime.

Here is our informational Southwest Florida Website ☘

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Please visit our Hoey Team ☘ Luxury Home Market Page by Clicking Here

Best Places to Retire? 13 of the ‘Top 25’ Are in Fla â˜˜ Hoey Team â˜˜ exp Realty ðŸŒ´ Southwest Florida ðŸŒ´

Also; please check out the other blogs, and tabs to many other Links, Updates, Reports & Stats that we have here on our informational website.  â˜˜

We hope that you find the information useful.  If you have any questions, please do not hesitate to contact Barry or Kim with the Hoey Team â˜˜ brokered by eXp Realty

Email us at Barry@SWFLLuxury.Com  or KimZuponcic@Gmail.com or Call/Text the Hoey Team ☘ at:  (239)-360-5527 

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Feel free to refer any family or friends; it is the greatest compliment that you can give to us; we really appreciate referrals from Past Customers, Friends and Fellow REALTORS, who we help in any way we can. 

Most of our business is referrals by word of mouth; from past Sellers and Buyers who we have helped; please ask for and check out our testimonials and Sales Stats.  Thanks, Barry & Kim â˜˜

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