Watch Out Homeowners and Get Ready Real Estate Investors!

Real Estate and COVID-19:

During this COVID-19 pandemic, if you are experiencing economic hardship, you can request forbearance on your federally backed mortgage loan. If you are considering requesting forbearance, be aware that this is not loan forgiveness. At the end of the forbearance period, you will have to repay all of the past due payments that were suspended during forbearance.

If homeowners are not careful when choosing to apply for forbearance, and aren't able to pay off the amount that is now past due once forbearance is over, this becomes very advantageous for real estate investors. Homeowners are now in a vulnerable position and might be looking to sell their homes quickly to pay off that debt. 

So, investors, hold on to your money until this is all over because there will be people who forget that they have to pay off that debt that was suspended, and now need a bailout. This is an opportunity to buy a nice house for a decent price.

Homeowners, be aware and don't put yourself in this position. However if you do, reach out to us or anther real estate professional to see if you have enough equity in your house to avoid a foreclosure.

For any additional questions about the COVID-19 assistance programs, including the option to apply for forbearance, reach out to us and we would be happy to assist you.

Also read Buying and Selling Real Estate During the Coronavirus Pandemic.