Truth on Mortgage Deferment
A persons home is often their biggest asset and in many cases one they are most proud of. No one wants to lose a home to foreclosure. This would result in loss of equity, pride and security.
Things in the real estate market may get very serious for some home owners over the next few months. Particularly those who may have utilized the deferment of payment offered by their mortgage servicer.
Those who used the deferment did not have a to make a mortgage payment for 6 months. At the end of the 6 months - they will have 7 house payments due.
All 7 payments will be due at the same time.
Missing payments or skipping payments will not only ruin their credit but may push them into foreclosure.
[We may see a small spike in foreclosures that should not affect the overall market in Jan - May 2021]
If you or someone you know is in this situation - there is hope and there is a solution. Please have them reach out to me - I will be happy to talk with them confidentially on the phone about some options they have.
You never know who is struggling or has found themselves in a bad spot. Just share this post on your social media and those who need it will see it.
Coldwell Banker Collins - Maury