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Message
re: Mortgage Delinquencies are Spiking
Posted on 7/16/20 at 8:29 am to cadillacattack
Posted on 7/16/20 at 8:29 am to cadillacattack
quote:
They’re reported as “current.” And 8.2% of all mortgages in the US – or 4.1 million loans – are currently in forbearance
It will take years for these loans to go through the forebearance process so keep that in mind.
3
Posted on 7/16/20 at 8:50 am to wutangfinancial
Why do you think it will take years? I think at most it will take 2.5 years. As soon as the forbearance period expires the mortgage companies are going to be hiring or contracting with a ton of people to foreclose on these houses. The foreclosure process differs by state but they can typically be evicted and the property auctioned in a short period of time.
Posted on 7/16/20 at 10:56 am to wutangfinancial
quote:
It will take years for these loans to go through the forebearance process
No it doesn't.
I see where you corrected it but yes it is state-specific
This post was edited on 7/16/20 at 10:57 am
Posted on 7/16/20 at 3:06 pm to wutangfinancial
quote:
It will take years for these loans to go through the forebearance process so keep that in mind.
Forebearance is normally 3-6 months. After that foreclosure can go into affect and that can be lengthy but the carnage should start to be known in the fall. Hard to tell how bad it will be.
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