Foreclosure and Loan Modification Blog

COVID-19 Foreclosure Statistics

COVID-19 has put 2020 through the ringer, and homeowners have not been an exception.
Though the government has tried to help out, only so much can be done when unemployment is increasing and businesses are closing.

Over 57 million Americans have filed for unemployment. Even before the pandemic about 10-15% of homeowners reported to being “housing insecure”, meaning that homeowners were worried about their ability to make payments. In April 2020, 1 in 3 Americans did not pay rent, and even though evictions have been halted, there are still people being evicted!

[fa icon="clock-o"] Friday, December 18, 2020 [fa icon="user"] Jordan Shealy [fa icon="folder-open'] foreclosure, financial crisis, government shutdown, coronavirus, covid19

The government has made it very easy for homeowners to get a forbearance on their mortgage during the pandemic. This has been a life line for many homeowners who have been affected financially by COVID-19. In this time of crisis, all a borrower has to do is pick up the phone and call their mortgage servicer and ask for payment relief. But how are homeowners going to pay the forbearance back? Are homeowners really being protected from delinquent marks and credit consequences?

[fa icon="clock-o"] Sunday, October 25, 2020 [fa icon="user"] Jordan Shealy [fa icon="folder-open'] debt settlement, mortgage, forbearance, hardship, mortgage servicing, financial crisis, coronavirus, covid19

If you have secured a COVID-19 mortgage forbearance that works for you and your family this can be a great help. However, it is important to discuss with your mortgage servicer how they will be handling your past due payments at the end of the forbearance. 30 days before the forbearance ends you should assess your situation with your mortgage servicer to determine your next steps. Some servicers are requiring borrowers to make one large balloon payment when the forbearance ends, which is the worst case scenario for many homeowners. Other options are:

reinstatement
repayment plan
payment deferral
loan modification
refinancing

10 Years After The Financial Crisis, Don't Forget Foreclosure Victims

September 2018 marks the 10 year anniversary of the bankruptcy of Lehman Brothers, the event that signifies the start of the financial crisis in many people's minds. You remember the financial crisis, the worst since the Great Depression, the one that almost destroyed the economy? That one.

Everyone has an opinion about the crisis and how they would have responded to it if they had been in charge. You'll hear people say that they wouldn't have bailed out the banks and the government should have done this or that, and it would have been better that way, and blah, blah, blah.

[fa icon="clock-o"] Friday, September 28, 2018 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] foreclosure defense attorney, financial crisis

Foreclosure and Loan Modification Blog

COVID-19 Foreclosure Statistics

COVID-19 Mortgage Forbearance Problems

What Happens When My COVID19 Mortgage Forbearance is Over?

10 Years After The Financial Crisis, Don't Forget Foreclosure Victims

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