Wednesday, January 6, 2021 / by Vanessa Saunders
My forbearance is ending, but I can’t afford my home. What can I do?
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
A leading economist is warning that this year’s booming housing market will soon give way to a rising tide of foreclosures that will submerge many Hudson Valley homeowners in 2021. Michael R. Strain, the John G. Searle Scholar and the director of economic policy studies at the American Enterprise Institute (AEI) wrote in Bloomberg News in December 6, 2020 that while federal forbearance policies put a temporary freeze on foreclosures—only 352 foreclosures were started in August, 2020, compared with 10,438 in February—that policy would not remain in place next year and would cause a cascade of foreclosures in 2021.
“The CARE Act, the economic recovery law passed in March included forbearance provisions that allowed borrowers with government-backed mortgages to postpone (or reduce) payments for up to 12 months if they suffered COVID-related financial hardship. When these forbear; ...
A leading economist is warning that this year’s booming housing market will soon give way to a rising tide of foreclosures that will submerge many Hudson Valley homeowners in 2021. Michael R. Strain, the John G. Searle Scholar and the director of economic policy studies at the American Enterprise Institute (AEI) wrote in Bloomberg News in December 6, 2020 that while federal forbearance policies put a temporary freeze on foreclosures—only 352 foreclosures were started in August, 2020, compared with 10,438 in February—that policy would not remain in place next year and would cause a cascade of foreclosures in 2021.
“The CARE Act, the economic recovery law passed in March included forbearance provisions that allowed borrowers with government-backed mortgages to postpone (or reduce) payments for up to 12 months if they suffered COVID-related financial hardship. When these forbear; ...
