{"id":2477,"date":"2021-04-30T14:43:34","date_gmt":"2021-04-30T21:43:34","guid":{"rendered":"https:\/\/www.danielyerelian.com\/blog\/?p=2477"},"modified":"2021-05-01T09:16:29","modified_gmt":"2021-05-01T16:16:29","slug":"whats-forbearance-and-are-more-home-foreclosures-around-the-corner","status":"publish","type":"post","link":"https:\/\/www.danielyerelian.com\/blog\/2021\/04\/30\/whats-forbearance-and-are-more-home-foreclosures-around-the-corner\/","title":{"rendered":"What&#8217;s Forbearance and are more Home Foreclosure&#8217;s around the corner"},"content":{"rendered":"\n<p><strong>What is Forbearance? <\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Part of the CARES act enacted in March of 2020<\/li><li>Allows home owners to defer 12 months of mortgage payments due to hardships<\/li><li>Was then extended 6 more months<\/li><li>Last time to Apply is June 30th 2021<\/li><\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Example:<\/strong> So if someone hard started forbearance in &nbsp;April 2020, it would have expired April 2021 but now it is extended to October 2021<\/p>\n\n\n\n<p><strong>How to get out of Forbearance?<\/strong><\/p>\n\n\n\n<!--more-->\n\n\n\n<p>To then get out of forbearance you can<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Start making normal payments again &#8211; The months you missed are added to the end.<\/li><li>Work with your lender or companies like <a href=\"https:\/\/www.danielyerelian.com\/blog\/2021\/04\/30\/whats-forbearance-and-are-more-home-foreclosures-around-the-corner\/\" data-type=\"post\" data-id=\"2477\">lowermybills.com<\/a> to modify your home loan<\/li><\/ul>\n\n\n\n<p>A few more details about forbearance here: <a rel=\"noreferrer noopener\" href=\"https:\/\/www.consumerfinance.gov\/coronavirus\/mortgage-and-housing-assistance\/help-for-homeowners\/learn-about-forbearance\/\" target=\"_blank\"><strong>www.consumerfinance.gov\/<\/strong>coronavirus\/mortgage-and-housing-assistance\/help-for-homeowners\/learn-about-forbearance\/<\/a><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>So how many folks are in forbearance?<\/strong> As of April 6, 2021 we are at 2.3M mortgages about 4.4% of the 52M mortgages in the U.S.<\/p>\n\n\n\n<p>You can see in the chart below it&#8217;s been declining<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.danielyerelian.com\/blog\/wp-content\/uploads\/2021\/04\/image.png\"><img loading=\"lazy\" decoding=\"async\" width=\"652\" height=\"307\" src=\"https:\/\/www.danielyerelian.com\/blog\/wp-content\/uploads\/2021\/04\/image.png\" alt=\"\" class=\"wp-image-2478\" srcset=\"https:\/\/www.danielyerelian.com\/blog\/wp-content\/uploads\/2021\/04\/image.png 652w, https:\/\/www.danielyerelian.com\/blog\/wp-content\/uploads\/2021\/04\/image-300x141.png 300w\" sizes=\"auto, (max-width: 652px) 100vw, 652px\" \/><\/a><\/figure>\n\n\n\n<p><strong>Are more foreclosures around the corner?<\/strong><\/p>\n\n\n\n<p>You never know what&#8217;s going to happen but I am thinking an increase will be minimal. For two reasons<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>We enacted tougher controls after the 2008 financial crisis &#8211; though not perfect it has strengthened the financial foundation of housing investments &#8211; No more NINJA loans (no income, no job, no assets)<\/li><\/ol>\n\n\n\n<p>2. Home prices are at all time highs and interest rates at all time lows. &#8211; Instead of foreclosure many home owners can opt to sell the home to pay the mortgage and walk away with the difference.<\/p>\n\n\n\n<p>If you are interested in refinancing your home loan to either get out of forbearance or to lower your monthly payments take a look at <a href=\"http:\/\/lowermybills.com\" target=\"_blank\" rel=\"noreferrer noopener\">lowermybills.com<\/a> they have the best offers.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is Forbearance? Part of the CARES act enacted in March of 2020 Allows home owners to defer 12 months of mortgage payments due to hardships Was then extended 6 more months Last time to Apply is June 30th 2021 &hellip; <a href=\"https:\/\/www.danielyerelian.com\/blog\/2021\/04\/30\/whats-forbearance-and-are-more-home-foreclosures-around-the-corner\/\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[314],"tags":[],"class_list":["post-2477","post","type-post","status-publish","format-standard","hentry","category-business"],"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/www.danielyerelian.com\/blog\/wp-json\/wp\/v2\/posts\/2477","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.danielyerelian.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.danielyerelian.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.danielyerelian.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.danielyerelian.com\/blog\/wp-json\/wp\/v2\/comments?post=2477"}],"version-history":[{"count":0,"href":"https:\/\/www.danielyerelian.com\/blog\/wp-json\/wp\/v2\/posts\/2477\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.danielyerelian.com\/blog\/wp-json\/wp\/v2\/media?parent=2477"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.danielyerelian.com\/blog\/wp-json\/wp\/v2\/categories?post=2477"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.danielyerelian.com\/blog\/wp-json\/wp\/v2\/tags?post=2477"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}