Forbearance programs allow homeowners to pause or lower mortgage payments for a limited time but required them to formulate a plan for repaying the deferred amount with their lender.
The federal government imposed a pandemic-related moratorium on mortgage foreclosures on federally backed mortgages.
That moratorium will end on June 30, 2021.
Some have feared that the end of these protections will trigger a rash of home foreclosures.
Who would let their property get foreclosed on after home values just went up 19% in the last year?
If you can't pay your mortgage, sell your home and take the profits from the sale.
As forbearance and moratoriums end, some foreclosures are inevitable.
However, don't expect this big wave of foreclosures to crash the real estate market.
