While foreclosures may come, housing bubble isn’t keeping experts up at night
A client of Fresno real estate agent Don Scordino reached out to him with concerns about a daughter who had fallen behind on her mortgage during the pandemic.
The homeowner was 10 payments behind. So, Scordino went through her paperwork and payment history. He found the homeowner had built $175,000 in equity into her home. He assured the homeowner that while she might not make all that back, even if foreclosure proceedings began, the value of her home had grown enough that she could sell it, pay off the remaining debt and walk away with a little cash. Scordino says this will be the case for most homeowners facing foreclosure coming out of the pandemic.
Across the nation, a foreclosure moratorium lifted at the end of July. Under federal law, however, those facing foreclosure can’t be evicted until the eviction moratorium is lifted. For California, that moratorium will lift Sept. 30.
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