We understand the toll that COVID-19 has placed on families. While the unemployment rate has fallen from its high of 15% (just a year ago) to today around 6.2%, American families are just starting to recover. 10 million people are currently still looking for new jobs after COVID-19 wiped out their jobs. Stimulus checks are only temporary relief. We want to help you find a long term solution to your real estate problems.
2.1 million households are 3 months of more behind on their mortgage payments. Over 600,000 households have not made a mortgage payment in over a year! The impact to the economy was recently estimated at a whopping $90 billion in impact just from the missed payments. Mortgage delinquencies are currently at a 20 year high.
Don't feel like you are alone in this fight. Our goal is to make a win-win situation for everyone involved. If it doesn't benefit you, then it is not worth doing.
Normally after 90 days of missed payments, the homeowners would be in default and the foreclosure process would being. However, the eviction and mortgage moratorium (while questionably constitutional) will end at some point. The mortgage foreclosure moratorium has been extended until June 30, 2021. The eviction moratorium on rental properties expires on March 31, 2021. While landlords and banks are being encouraged to work out solution, including payment plans for forbearance payments, there is no plan for households with no or diminished incomes. The courts will be inundated with lawsuits and procedures.
8.8 million households are behind on rent. Landlords are being forced to be more flexible and working with their tenants. Early indication is that Phoenix has had the lowest impact from the rental moratorium thanks to a surge of new residents and businesses entering the state.
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