June National Market Update #3
Forbearance was a huge topic 2 years ago, but what happened to it? Did it actually help homeowners or has it put all of us in a bad situation?
Two years ago forbearance was used as a tool to help homeowners with their mortgage, and it caused a lot of unease concerning the long term effects. The good thing? The numbers concerning forbearance look great! With about 4.2 million people using forbearance at the start, we are now down to 690,000 loans still in forbearance.
According to Black Knight, 92% of those in forbearance have since come out of it. Whether they went through modification or paid it back already – the majority of people are through this bump in their road.
For those who have not found a solution yet, there are still have a number of options to resolve the situation. The big take away here is that because of the number of people still in these situations and the number of options available lead experts to believe that forbearance will not create a bubble or a major downturn in the market. If you have any other questions about the market, reach out to my team and we can help you decide what’s best for your family in this market.
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