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#covid19 #corona | Dave Magua Group Blog

Friday, May 15, 2020   /   by Dave Magua

9% Of Loans are in Forbearance

Close to 9% of all active mortgage loans are in forbearance as of this week, according to the latest data from Black Knight’s McDash Flash. That amounts to a total of 4.7 million homeowners now in forbearance, which is up from 4.5 million loans reported one week ago.
The latest numbers have been enhanced to include loans that were in forbearance but not previously reported as “COVID-19-related.”
About 7% of mortgage loans backed by Fannie Mae and Freddie Mac are now in forbearance, while 12.4% of FHA and VA-backed loans are in forbearance. Just over 9% of portfolio and privately securitized loans are also in forbearance.
In terms of loan numbers, that’s 27.9 million GSE loans, 12.1 million FHA and VA loans, and 13 million other mortgage loans.
In total dollar amount across all loan types, the total unpaid principal balance on loans in forbearance is $1 trillion.
Meanwhile, servicers must continue to advance principal and interest payments along with ta ...

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  #covid19 #corona, broward county, delinquency, foreclosure, help, minnesota vikings, mortgage, palm beach county, shortsale, south florida

Wednesday, May 13, 2020   /   by Dave Magua

Prepping for a Delinquency Spike May 2020

Prepping for a Delinquency Spike May 2020


 


"However, the pandemic-induced closure of nonessential businesses caused the April unemployment rate to spike to its highest level in 80 years and will lead to a rise in delinquency and foreclosure. By the second half of 2021, we estimate a four-fold increase in the serious delinquency rate, barring additional policy efforts to assist borrowers in financial distress.”


 


“After a long period of decline, we are likely to see steady waves of delinquencies throughout the rest of 2020 and into 2021," said Frank Martell, President and CEO of CoreLogic. "The pandemic and its impact on national employment is unfolding on a scale and at a speed never before experienced and without historical precedent. The next six months will provide important clues on whether public and private sector countermeasures—current and future—will soften the blow and help us avoid the protracted, widespread foreclosures ...

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  #covid19 #corona, delinquency, shortsale, foreclosure, help, mortgage, south florida, broward county, palm beach county

Tuesday, May 5, 2020   /   by Dave Magua

7 Tips for Navigating Virtual Home Tours

While the coronavirus pandemic has made virtual home tours the only option for anyone who wants to buy a home right now, checking out potential homes digitally—and in some cases, buying a home site unseen—was something an increasing number of buyers were doing even before the stay-at-home orders.
“This has been a trend gaining in popularity in recent years with relocation and out of state and country buyers who need to make quick decisions in competitive markets and aren’t able to get to a home quick enough.
"I don't think there's anything I couldn't have seen in a virtual tour given how quick my interaction with the home was before I took the plunge."
But even beyond out-of-state buyers, more agents are using digital tools to show homes. You also might consider a no-contact, in-person tour with safety precautions such as wearing a mask and gloves. Remember, you’re a real estate agent’s client, and in most circumstances, they’d be more than ...

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21065 Powerline Rd C-7
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754-581-5077
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