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Oke Tammik
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21
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Foreclosures increase? How?

Oke Tammik
Posted

Folks, I'm a bit confused on the latest foreclosure news, reporting that there was a 21% increase in foreclosures, MoM, in October 2020. I thought that there was a moratorium on foreclosures due to the CARES act? The act states that, except for vacant or abandoned property, a Federally backed mortgage loan servicer is prohibited from initiating any foreclosure process, seeking a foreclosure judgment or order of sale, or executing a foreclosure-related eviction or foreclosure sale for at least a 60-day period that began on March 18, 2020. So, I'm assuming these numbers are purely non-federally backed mortgages — does anyone know more about the details on these figures? 

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    Mike Dymski#5 Investor Mindset Contributor
    • Investor
    • Greenville, SC
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    Mike Dymski#5 Investor Mindset Contributor
    • Investor
    • Greenville, SC
    Replied

    21% of a small number is a small number.  Foreclosures are negligible relative to benign (or stressed periods).

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