Updated about 5 years ago on . Most recent reply
Is there a flood of foreclosures coming from Covid19?
Do you think there will be a flood of foreclosures from the economic shutdown? If so, do you think it will drive the prices of real estate down? Banks also hold on to foreclosures and slowly release their inventories to avoid saturating the market and driving prices down.
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Jay Hinrichs
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Jay Hinrichs
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couple thoughts.
1. depends on the state time from a payment default to an actual sale at court house is minimum of 1 year to 3 to 5 years in some states.. so this will be state specific.
2. there could be a semi flood of those in foreclosure prior to the moratorium and those break loose as soon as the moratorium is over and the counties resume post covid lock downs
3. Mortgage servicers/lenders in my mind will be far more willing to do work outs than what happened 08 to 2011 were the feds forced the action much of the time.
1. depends on the state time from a payment default to an actual sale at court house is minimum of 1 year to 3 to 5 years in some states.. so this will be state specific.
2. there could be a semi flood of those in foreclosure prior to the moratorium and those break loose as soon as the moratorium is over and the counties resume post covid lock downs
3. Mortgage servicers/lenders in my mind will be far more willing to do work outs than what happened 08 to 2011 were the feds forced the action much of the time.
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