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Concerns Grow as Foreclosure Moratoria Date Nears
Industry Update
May 24, 2021
Source: DS News
Additional Resource:
QuoteWizard (The Rising Fear of Eviction or Foreclosure)
An analysis by QuoteWizard, a LendingTree company, of American homeowners and renters has found that an increasing number are growing more concerned of keeping a roof over their head as foreclosure moratoria dates grown closer and unemployment levels remain unstable.
According to Nick VinZant, Senior Research Analyst and Insurance Expert at QuoteWizard, one in four are worried they will face foreclosure or eviction in the next two months.
“Nationwide, housing costs have risen by nearly 70% in the last decade,” said VinZant in the report. “Income, meanwhile, is up only 30% over the same time period. Combine this disparity with record pandemic unemployment and we have a situation where housing has simply become unaffordable for many people.”
Back in February, President Joe Biden coordinated an extension and expansion of forbearance and foreclosure relief programs to assist struggling homeowners by:
• Extending the foreclosure moratorium for homeowners through June 30, 2021;
• Extending the mortgage payment forbearance enrollment window until June 30, 2021 for borrowers who wish to request forbearance;
• Providing up to six months of additional mortgage payment forbearance, in three-month increments, for borrowers who entered forbearance on or before June 30, 2020.
