๐Ÿšจ Some Lenders Say They’ll Resume Foreclosures in July ๐Ÿšจ Hoey Team โ˜˜ exp Realty ๐ŸŒด Southwest Florida ๐Ÿ€

Dated: June 2 2021

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Bank of America says it will resume foreclosures in July, though “the amount … is way down, and most of the clients have become current,” and JP Morgan Chase says 90% of customers have left forbearance.  But Wells Fargo plans to wait until 2022 to resume foreclosures.

Florida Realtor Magazine 2021 06 02 some lenders say they will resume foreclosures in July since going through the China COVID-19 Coronavirus plandemic Hoey Team exp Realty

NEW YORK – Pandemic-related moratoriums on foreclosures and evictions expire June 30, and some lenders plan to start resuming foreclosures in July. About 2.1 million homeowners are still in mortgage forbearance, which means they’re delinquent but not an immediate foreclosure possibility, according to the Mortgage Bankers Association.

As of April, however, about 1.8 million households who aren’t in forbearance were 90 days delinquent on their loan, according to Black Knight data.

Bank of America says its foreclosure suspension will end on bank-owned loans and government-backed loans when the national moratorium ends at the end of June.

“The good news is the amount of deferrals is way down, and most of the clients have become current,” Brian Moynihan, CEO of Bank of America, said at last week’s Senate hearing. “Irrespective of that deadline passing, we’ll continue to work with a few clients we have left to help them.”

JPMorgan Chase said during the hearing that about 90% of its customers have exited forbearance programs.

Forbearance and delinquency rates have gradually dropped since the nation started reopening last summer. Nearly 92% of mortgage holders were making loan payments as of April 23, the largest share for any month since the onset of the pandemic, Black Knight reports.

Some lending giants plan to delay taking any action against delinquent homeowners even after federal moratoriums expire.  For example, Wells Fargo told lawmakers that it plans to extend moratoriums on foreclosures and evictions for loans that they own until the end of the year.  Wells Fargo also said it supports the Consumer Financial Protection Bureau’s proposed rule that would prevent lenders from initiating foreclosure proceedings until 2022.

The housing industry anticipates more inventory in the coming months, according to National Association of Realtors® (NAR) Chief Economist Lawrence Yun.

“We’ll see more inventory come to the market later this year as further COVID-19 vaccinations are administered and potential home sellers become more comfortable listing and showing their homes,” Yun said after last week’s existing-home sales report.  “The falling number of homeowners in mortgage forbearance will also bring about more inventory.”

Sources: “Bank of America and Chase Could Restart Mortgage Foreclosures as Early as July, But Wells Fargo Is Waiting Until 2022,” CNBC.com (May 27, 2021) The Associated Press. All rights reserved.

๐Ÿ€ The Hoey Team โ˜˜ serves all of Southwest Florida ๐ŸŒด Helping Sellers & Helping Buyers โ˜˜ 

Recently Barry & Kim with the Hoey Team halped a number of sellers who had been in Foreberance and we were able to get them to a "good place"; worry free.  We help people in many different situations; everybody's situation is different; if you know someone needing help; have them reach out to us in confidence: 239-360-5527 โ˜˜

As people continue to move and relocate to the area from other parts of the United States, it is important that we are able to serve all of the area, and offer many different Choices and Lifestyles which are in abundance here in SW FLA ๐ŸŒด

Inventory remains low overall, but we do continue to list and market new properties to the marketplace and we sell many different type homes; Resale & New Construction; Multigenerational Family Compounds, Regular Single Family Homes, Villas, Townhomes and all Condo types, from low rise, to waterfront high rise right on the beach. 

We have also seen an uptake in people planning ahead, and buying that second home now, rather than waitiang as they were planning to do; especially with Snowmads and Zoombirds.  Previously we had Snowbirds; interesting how terminology keeps changing. 

Lower interest rates are probably helping with the increased sales; oftentimes over asking price.  Low inventory is the greatest chalenge for buyers; but if prepared you are ahead of the game; ask how we can help.  We recently got an amazing deal for a buyer on a Waterfront Condo with Boat Dock; and we are working on others; so there are deals out there; if you work with us, we will find them. 

For those relocating to Florida, we are pleased to be able to assist homeowners in other parts of the United States who need to sell to buy here; please reach out today for more information and how you can have a smooth, non-stressful transition / relocation.

At our Real Estate Team; Hoey Team โ˜˜ we have been succesfully working 100% virtually / remotely for the past number of years as we continue to grow; i'm glad we already had systems in place to better help sellers and buyer with goal posts continually moving in our industry.

Article content from FR & NAR (National Association of REALTORS) Newsletter Magazine, and from other sources including Hoey Team โ˜˜ exp Realty & Freddie Mac / Fannie Mae

For those Living in or Visiting Southwest Florida wanting additional resources, or a list of places to see / visit:   www.VisitCollier.Com      Feel free to share this resource page with others  ๐ŸŒด

NOTE for Buyers and Sellers: On our Hoey Team โ˜˜ VIRTUAL OPEN HOUSE Page you may WATCH ? Detailed HD 3D Immersive VIDEO ? Walkthrough Tours for all our COMING to MLS & AVAILABLE LISTINGS right HERE: ? www.SWFLVRE.com  ? 

For more Real Estate related information, or if you have questions on any aspect of Buying, Selling, Upsizing, Downsizing, Moving within or Relocating to or from Florida (the number 1 state for people to move to), or on any aspect of the Real Estate Market, Locally, Nationally or Internationally, please let us know, we can help, we can address / answer your questions, and we are always available to help you or someone you know.

P.S. --> If You'd like for us to create a Video Tour for ANY of the Properties on our website, just CLICK "Video Request Button"; from property details https://HoeyTeam.239RealEstateDeals.Com

CLICK HERE to Visit our High Definition Virtual 3D Open House Tours Page 24/7

Click Here for our most recent Market update Report for Southwest Florida and beyond.

We do not discriminate on price, we help homeowners and renters in all price ranges; Click Here for more information on the Hoey Team โ˜˜ and what we do to help or visit HoeyTeam.Net anytime.

Here is our informational Southwest Florida Website โ˜˜

Barry is a CLHMS; Click Here to see how we help with higher end properties.

Please visit our Hoey Team โ˜˜ Luxury Home Market Page by Clicking Here

Best Places to Retire? 13 of the ‘Top 25’ Are in Fla โ˜˜ Hoey Team โ˜˜ exp Realty ๐ŸŒด Southwest Florida ๐ŸŒด

Also; please check out the other blogs, and tabs to many other Links, Updates, Reports & Stats that we have here on our informational website.  

We hope that you find the information useful.  If you have any questions, please do not hesitate to contact Barry or Kim with the Hoey Team โ˜˜ brokered by eXp Realty

Email us at Barry@SWFLLuxury.Com  or KimZuponcic@Gmail.com or Call/Text the Hoey Team โ˜˜ at:  (239)-360-5527 

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Feel free to refer any family or friends; it is the greatest compliment that you can give to us; we really appreciate referrals from Past Customers, Friends and Fellow REALTORS, who we help in any way we can. 

Most of our business is referrals by word of mouth; from past Sellers and Buyers who we have helped; please ask for and check out our testimonials and Sales Stats.  Thanks, Barry & Kim โ˜˜ ๐Ÿ€

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