The federal government, big banks and mortgage servicers started emergency programs when the pandemic hit early last year, shutting down vast swaths of the economy. The bailouts allowed millions of homeowners to miss payments, some for up to 18 months.
There are not a lot of options for borrowers who lost too much income or their businesses during the pandemic. Servicers have been offering loan modifications and lower interest rates, but some borrowers simply can't pay. Servicers also advanced money to borrowers for taxes and insurance during their forbearance period, and while that can be spread over a year of payments, some borrowers can't afford that increase.
"This is wildly different from what the market looked like during the last housing market boom and bust, when about one third of all homeowners were underwater on their loans," said Rick Sharga, an executive at RealtyTrac. "While having equity didn't prevent them from defaulting on their loans, it should provide them the opportunity for more of a soft landing – the ability to sell their home at a profit, satisfy their debt to the lender, and have money left over to give them a chance for a fresh start," said Sharga.
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DianaOlick People learned about real life, living off their 401k before they die...
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DianaOlick well. maybe they can get jobs.
DianaOlick A new housing crisis
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DianaOlick Winter is coming
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