[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$f14eroa88opuci":3,"$f2emv3tus0uf1":39,"$fbwk2pqjjqsc7":43},{"item":4,"previous":27,"next":33},{"id":5,"slug":6,"title":7,"description":8,"excerpt":9,"contentType":10,"featuredImage":11,"bannerImage":9,"body":12,"agentsBottomLine":13,"bodyImage":14,"isInfographic":15,"categories":16,"isVideo":15,"videoThumbnail":9,"videoSource":9,"publishedAt":25,"updatedAt":26},1748,"why-the-2021-forecast-doesnt-call-for-a-foreclosure-crisis","Why the 2021 Forecast Doesn’t Call for a Foreclosure Crisis","As the current forbearance \u003Ca href=\"https:\u002F\u002Fwww.consumerfinance.gov\u002Fcoronavirus\u002Fmortgage-and-housing-assistance\u002Fmortgage-relief\u002F\">mortgage relief options\u003C\u002Fa> come to an end, many are wondering if we’ll face a foreclosure crisis next year. This is understandable, especially for those who remember the housing crisis that began in 2008. The reality is, plans have been put in place through forbearance to ensure history doesn’t repeat itself.","","blog","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2020\u002F11\u002F04144520\u002F20201105-KCM-Share.jpg","As the current forbearance \u003Ca href=\"https:\u002F\u002Fwww.consumerfinance.gov\u002Fcoronavirus\u002Fmortgage-and-housing-assistance\u002Fmortgage-relief\u002F\">mortgage relief options\u003C\u002Fa> come to an end, many are wondering if we’ll face a foreclosure crisis next year. This is understandable, especially for those who remember the housing crisis that began in 2008. The reality is, plans have been put in place through forbearance to ensure history doesn’t repeat itself.\u003C!--more-->\r\n\r\nThis year, homeowners are able to request 180 days of mortgage relief through forbearance. Upon expiration of that timeframe, they’re also entitled to request 180 additional days, bringing the total to 360 days of deferred payment eligibility. As forbearance expires, homeowners should stay in touch with their lender, because creating a plan for the deferred payments is a critical next step to avoiding foreclosure. There are \u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002F2020\u002F10\u002F21\u002Fwhy-todays-options-will-save-homeowners-from-foreclosure\u002F\">multiple options\u003C\u002Fa> for homeowners to pursue at this point, and with the right planning and communication with the lender, foreclosure doesn’t have to be one of them.\r\n\r\nMany homeowners are concerned that they’ll have to pay the deferred payments back in a lump sum payment at the end of forbearance. Thankfully, that’s not the case. \u003Cem>Fannie Mae \u003C\u002Fem>\u003Ca href=\"https:\u002F\u002Fcapmrkt.fanniemae.com\u002Fheretohelp\u002Fkyo\u002Fposts\u002Fyou-dont-have-to-repay-the-forbearance-amount-all-at-once-upon-completion-of-your-forbearance-plan-get-the-facts\u002F\">\u003Cem>explains\u003C\u002Fem>\u003C\u002Fa>\u003Cem>:\u003C\u002Fem>\r\n\u003Cblockquote>\u003Cem>“\u003Cstrong>You don’t have to repay the forbearance amount all at once upon completion of your forbearance plan\u003C\u002Fstrong>…Here’s the important thing to remember: If you receive a forbearance plan, you will have options when it comes to repaying the missed amount. You don’t have to pay the forbearance amount at once unless you are able to do so.”\u003C\u002Fem>\u003C\u002Fblockquote>\r\nWhen looking at the percentage of people in forbearance, we can also see that this number has been decreasing steadily throughout the year. Fewer people than initially expected are still in forbearance, so the number of homeowners who will need to work out alternative payment options is declining \u003Cem>(See graph below):\u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2020\u002F11\u002F20201105-MEM-Eng-1.jpg\">\u003Cimg class=\"aligncenter wp-image-43313\" src=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2020\u002F11\u002F20201105-MEM-Eng-1.jpg\" alt=\"Why the 2021 Forecast Doesn’t Call for a Foreclosure Crisis | Simplifying The Market\" width=\"650\" height=\"488\" \u002F>\u003C\u002Fa>\u003C\u002Fem>This means there are fewer and fewer homeowners at risk of foreclosure, and many who initially applied for forbearance didn’t end up needing it. Mike Fratantoni, \u003Cem>Senior Vice President\u003C\u002Fem> and \u003Cem>Chief Economist \u003C\u002Fem>at the \u003Cem>Mortgage Bankers Association\u003C\u002Fem> (MBA), \u003Ca href=\"https:\u002F\u002Fwww.mba.org\u002F2020-press-releases\u002Foctober\u002Fshare-of-mortgage-loans-in-forbearance-declines-to-632\">explains\u003C\u002Fa>:\r\n\u003Cblockquote>\u003Cem>\"\u003Cstrong>Nearly two-thirds of borrowers who exited forbearance remained current on their payments\u003C\u002Fstrong>, repaid their forborne payments, or moved into a payment deferral plan. \u003Cstrong>All of these borrowers have been able to resume - or continue - their pre-pandemic monthly payments\u003C\u002Fstrong>.\"\u003C\u002Fem>\u003C\u002Fblockquote>\r\nFor those who are still in forbearance and unable to make their payments, \u003Cstrong>foreclosure isn’t the only option left\u003C\u002Fstrong>. In their \u003Ca href=\"https:\u002F\u002Fwww.corelogic.com\u002Finsights-download\u002Fhomeowner-equity-report.aspx\">\u003Cem>Homeowner Equity Insights Report\u003C\u002Fem>\u003C\u002Fa>, \u003Cem>CoreLogic\u003C\u002Fem> indicates:\r\n\u003Cblockquote>\u003Cem>“In the second quarter of 2020, the \u003Cstrong>average homeowner gained approximately $9,800 in equity during the past year\u003C\u002Fstrong>.” \u003C\u002Fem>\u003C\u002Fblockquote>\r\nMany homeowners have enough equity in their homes today to be able to sell their houses instead of foreclosing. Selling and protecting the overall financial investment may be a very solid option for many homeowners. As Ivy Zelman, \u003Cem>Founder \u003C\u002Fem>of \u003Cem>Zelman & Associates\u003C\u002Fem>, mentioned in a recent \u003Ca href=\"https:\u002F\u002Fwww.tomferry.com\u002Fpodcast\u002Fexperience-91\u002F\">podcast\u003C\u002Fa>:\r\n\u003Cblockquote>\u003Cstrong>\u003Cem>“The likelihood of us having a foreclosure crisis again is about zero percent.”\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Fblockquote>\r\n\u003Ch3>\u003Cstrong>Bottom Line\u003C\u002Fstrong>\u003C\u002Fh3>\r\nIf you’re currently in forbearance or think you should be because you’re concerned about being able to make your mortgage payments, reach out to your lender to discuss your options and next steps. Having a trusted and knowledgeable professional on your side to guide you is essential in this process and might be the driving factor that helps you stay in your home.","\r\nIf you’re currently in forbearance or think you should be because you’re concerned about being able to make your mortgage payments, reach out to your lender to discuss your options and next steps. Having a trusted and knowledgeable professional on your side to guide you is essential in this process and might be the driving factor that helps you stay in your home.","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002Fwp-content\u002Fuploads\u002F2020\u002F11\u002F20201105-MEM-Eng-1.jpg",false,[17,21],{"id":18,"name":19,"slug":20},6,"For Sellers","sellers",{"id":22,"name":23,"slug":24},7,"Foreclosures","foreclosures","2020-11-05T10:00:52Z","2020-11-05T11:00:52Z",{"id":28,"slug":29,"title":30,"featuredImage":31,"publishedAt":32,"contentType":10,"isVideo":15},1747,"real-estate-is-a-driving-force-in-the-economy","Real Estate Is a Driving Force in the Economy","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2020\u002F11\u002F03115922\u002F20201104-KCM-Share.jpg","2020-11-04T10:00:25Z",{"id":34,"slug":35,"title":36,"featuredImage":37,"publishedAt":38,"contentType":10,"isVideo":15},1749,"making-a-home-for-the-brave-possible-infographic","Making a Home for the Brave Possible [INFOGRAPHIC]","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2020\u002F11\u002F05133514\u002F20201106-KCM-Share.png","2020-11-06T11:00:06Z",{"cover":40,"open":41,"shareSpread":42},"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Sellers-Guide-Cover-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Sellers-Guide-Spread-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Sellers-Guide-Magazine-original.png",[44,48,52,53,54,58,62,66,70,74,78,82,86,90,94,98,102,106,110,114,118,122,126,130,134,138,142,146,150,154],{"id":45,"name":46,"slug":47},1,"Uncategorized","uncategorized",{"id":49,"name":50,"slug":51},5,"For Buyers","buyers",{"id":18,"name":19,"slug":20},{"id":22,"name":23,"slug":24},{"id":55,"name":56,"slug":57},8,"Infographics","infographics",{"id":59,"name":60,"slug":61},9,"Home Prices","home-prices",{"id":63,"name":64,"slug":65},11,"First-Time Buyers","first-time-buyers",{"id":67,"name":68,"slug":69},34,"Senior Market","senior-market",{"id":71,"name":72,"slug":73},35,"Mortgage Rates","mortgage-rates",{"id":75,"name":76,"slug":77},38,"Move-Up","move-up",{"id":79,"name":80,"slug":81},41,"For Sale by Owner","for-sale-by-owner",{"id":83,"name":84,"slug":85},42,"Featured","featured",{"id":87,"name":88,"slug":89},45,"New Construction","new-construction",{"id":91,"name":92,"slug":93},52,"Luxury \u002F Vacation","luxury--vacation",{"id":95,"name":96,"slug":97},53,"Rent vs. Buy","rent-vs-buy",{"id":99,"name":100,"slug":101},80,"Time-sensitive","time-sensitive",{"id":103,"name":104,"slug":105},81,"Outdated","outdated",{"id":107,"name":108,"slug":109},147,"Internal","internal",{"id":111,"name":112,"slug":113},148,"Do Not Autopost","do-not-autopost",{"id":115,"name":116,"slug":117},320,"Inventory","inventory",{"id":119,"name":120,"slug":121},321,"Agent Value","agent-value",{"id":123,"name":124,"slug":125},322,"Affordability","affordability",{"id":127,"name":128,"slug":129},323,"Buying Tips","buying-tips",{"id":131,"name":132,"slug":133},324,"Downsize","downsize",{"id":135,"name":136,"slug":137},325,"Economy","economy",{"id":139,"name":140,"slug":141},326,"Equity","equity",{"id":143,"name":144,"slug":145},327,"Forecasts","forecasts",{"id":147,"name":148,"slug":149},328,"Selling Tips","selling-tips",{"id":151,"name":152,"slug":153},339,"Expired\u002FWithdrawn\u002FCanceled","expiredwithdrawncanceled",{"id":155,"name":156,"slug":157},340,"Price It Right\u002FOverpricing","price-it-rightoverpricing"]