Alta Lofts unit #619 at 200 N San Fernando Rd has just come onto the market as a bankruptcy sale. It’s on the top floor, with views of Elysian Park. Check it out. #forebearance #backruptcy #foreclosure | Blog Video
As homeowners struggle to make mortgage payments in the midst of corona-panic, stress in the real estate market is showing up, but not in the way one might expect. Rather than foreclosure, other options are currently being chosen. Lenders, banks and loan servicers don’t want to foreclose these days. Lenders got screwed over when they foreclosed and repossessed in 2012 because the lenders ended up auctioning or selling too many REO bank-owned properties at the bottom of the market, at a big loss to the lenders. Today, they’re using a different approach.
Forbearance is the latest thing. Instead of foreclosure, distressed property owners are being encouraged to weather the economic storm, or else to file for bankruptcy. 8.8% of US mortgages are already in forbearance. That’s about 4.7 million mortgages. By the end of June, around 10% of mortgages are expected to be late, and under forbearance. Hans Bruhner of Finance of America Mortgage and the Sonoma County Gazette remind us to approach forbearance cautiously, and ask questions.
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Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE 01889449 We are not associated with the homeowner’s association or developer. For more information, contact 213-880-9910 or visit LAcondoInfo.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.