Barb Schlinker The Real Estate Voice

Segment 4 – How to Avoid Foreclosure after the Foreclosure Moratorium – Hot New ListingsBarb, after COVID many people already in homes were given a Foreclosure Moratorium if they were unable to make their house payments. Now that that moratorium is lifted what are some people facing who have not made their house payments? Good News! They have EQUITY!One Thing we Learned from the Last Melt Down:• Once a Mortgage Borrower Gets Behind.• It's Very Difficult for them to Catch Up on Missed PaymentsThe Government:• Stopped Foreclosures• Required Lenders to Work with Those Borrowers to either: Add Missed Payments to Loan Balance or Give Loan ModificationsNow that the Moratorium is Lifted People have to:• Makeup or refi Back Payments• Get a Loan Modification• Sell the Property… We Are Seeing an Increase in ForeclosuresThe Good News: Colorado is Among the LOWEST in Borrowers NOT Current On their Mortgage:Forbearance Facts:At the beginning, 7 Million were in Forbearance now 2.1 MillionI’M CAUTIOUSLY OPTIMISTIC:Yes