1 in 4 Homeowners in Forbearance Still Paying Their Mortgage โ˜˜ Hoey Team โ˜˜ eXp Realty ๐ŸŒด Southwest Florida ๐ŸŒด

Dated: October 12 2020

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About 25% of owners seemingly have mortgage forbearance as a preventative measure, “one of the most surprising aspects of this entire episode,” says a mortgage banker VP.

Florida Realtor Magazine 2020 10 12 One in Fiur homeowners with foreberance are still current on ther mortgagge since the begining of the plandemic, after going through the COVID-19 Coronavirus pandemic Hoey Team eXp Realty

NEW YORK – About 25% of all homeowners who demanded forbearance are still current on their mortgages as of Sept. 6, according to the latest Mortgage Bankers Association (MBA) data. Of 3.4 million households currently in forbearance, roughly 820,000 haven’t missed a payment.

Of those people who keep paying, 23% are Ginnie Mae borrowers, 20.6% are conventional-loan borrowers, and 28.6% of loans on banks’ balance sheets are current.

“That has been one of the most surprising aspects of this entire episode,” says Mike Fratantoni, MBA’s senior vice president and chief economist. “We’ve seen that share come down over time because some of those borrowers have exited forbearance.”

Observers call it “strategic forbearance,” with many homeowners taking on the option just in case.

“So long as the job market keeps improving and the housing market is in solid shape, there is a good potential for this to keep improving,” Fratantoni says.

Relating to Real Estate here in Southwest Florida ๐ŸŒด inventory remains low overall, but we continue to list and sell real estate.  At our Hoey Team โ˜˜ and Brokerage, we have been succesfully working 100% virtually / remotely for the past number of years as we grew; i'm glad we already had systems in place to better help sellers and buyer.

Article content from our FR (Florida REALTORS) Newsletter Magazine, and from other sources including Hoey Team โ˜˜ eXp Realty & Bloomberg 10/07/2020 Christopher Maloney

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