{"id":7200,"date":"2020-03-19T10:00:00","date_gmt":"2020-03-19T10:00:00","guid":{"rendered":"https:\/\/thezakariagroup.com\/are-we-about-to-see-a-new-wave-of-foreclosures\/"},"modified":"2020-03-19T10:00:00","modified_gmt":"2020-03-19T10:00:00","slug":"are-we-about-to-see-a-new-wave-of-foreclosures","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/are-we-about-to-see-a-new-wave-of-foreclosures\/","title":{"rendered":"Are We About to See a New Wave of Foreclosures?"},"content":{"rendered":"<div>\n<p><img decoding=\"async\" width=\"358\" src=\"https:\/\/files.simplifyingthemarket.com\/wp-content\/uploads\/2020\/03\/18173402\/20200319-KCM-Share-1-549x300.jpg\" class=\"webfeedsFeaturedVisual wp-post-image\" alt=\"Are We About to See a New Wave of Foreclosures? | Simplifying The Market\" style=\"display: block; margin-bottom: 5px; clear:both;max-width: 100%;\" link_thumbnail=\"\" srcset=\"https:\/\/files.simplifyingthemarket.com\/wp-content\/uploads\/2020\/03\/18173402\/20200319-KCM-Share-1-549x300.jpg 549w, https:\/\/files.simplifyingthemarket.com\/wp-content\/uploads\/2020\/03\/18173402\/20200319-KCM-Share-1.jpg 750w\" sizes=\"(max-width: 549px) 100vw, 549px\"><\/p>\n<p>With all of the havoc being caused by COVID-19, many are concerned we may see a new wave of foreclosures. Restaurants, airlines, hotels, and many other industries are furloughing workers or dramatically cutting their hours. Without a job, many homeowners are wondering how they\u2019ll be able to afford their mortgage payments.<span id=\"more-41972\"><\/span><\/p>\n<p>In spite of this, there are actually many reasons we won\u2019t see a surge in the number of foreclosures like we did during the housing crash over ten years ago. Here are just a few of those reasons:<\/p>\n<h4><strong>The Government Learned its Lesson the Last Time<\/strong><\/h4>\n<p>During the previous housing crash, the government was slow to recognize the challenges homeowners were having and waited too long to grant relief. Today, action is being taken swiftly. Just this week:<\/p>\n<ul>\n<li>The <em>Federal Housing Administration<\/em> indicated it is <a href=\"https:\/\/www.hud.gov\/press\/press_releases_media_advisories\/HUD_No_20_042\">enacting<\/a> an <em>\u201cimmediate foreclosure and eviction moratorium for single family homeowners with FHA-insured mortgages\u201d<\/em> for the next 60 days.<\/li>\n<li>The <em>Federal Housing Finance Agency<\/em> <a href=\"https:\/\/www.fhfa.gov\/Media\/PublicAffairs\/Pages\/FHFA-Suspends-Foreclosures-and-Evictions-for-Enterprise-Backed-Mortgages.aspx\">announced<\/a> it is directing <em>Fannie Mae<\/em> and <em>Freddie Mac<\/em> to suspend foreclosures and evictions for <em>\u201cat least 60 days.\u201d <\/em><\/li>\n<\/ul>\n<h4><strong>Homeowners Learned their Lesson the Last Time<\/strong><\/h4>\n<p>When the housing market was going strong in the early 2000s, homeowners gained a tremendous amount of equity in their homes. Many began to tap into that equity. Some started to use their homes as ATM machines to purchase luxury items like cars, jet-skis, and lavish vacations. When prices dipped, many found themselves in a negative equity situation (where the mortgage was greater than the value of their homes). Some just walked away, leaving the banks with no other option but to foreclose on their properties.<\/p>\n<p>Today, the home equity situation in America is vastly different. From 2005-2007, homeowners cashed out $824 billion worth of home equity by refinancing. In the last three years, they cashed out only $232 billion, less than one-third of that amount. That has led to:<\/p>\n<ul>\n<li>37% of homes in America having no mortgage at all<\/li>\n<li>Of the remaining 63%, more than 1 in 4 having over 50% equity<\/li>\n<\/ul>\n<p>Even if prices dip (and most experts are <strong>not<\/strong> predicting that they will), most homeowners will still have vast amounts of value in their homes and will not walk away from that money.<\/p>\n<h4><strong>There Will Be Help Available to Individuals and Small Businesses<\/strong><\/h4>\n<p>The government is aware of the financial pain this virus has caused and will continue to cause. Yesterday, the <em>Associated Press<\/em> <a href=\"https:\/\/apnews.com\/0f6c483ce758c5d3ac6db46a6cf9c4e8?utm_medium=AP&#038;utm_campaign=SocialFlow&#038;utm_source=Twitter\">reported<\/a>:<\/p>\n<blockquote>\n<p><em>\u201cIn a memorandum, Treasury proposed two $250 billion cash infusions to individuals: A first set of checks issued starting April 6, with a second wave in mid-May. The amounts would depend on income and family size.\u201d<\/em><\/p>\n<\/blockquote>\n<p>The plan also recommends $300 billion for small businesses.<\/p>\n<h3><strong>Bottom Line<\/strong><\/h3>\n<p>These are not going to be easy times. However, the lessons learned from the last crisis have Americans better prepared to weather the financial storm. For those who can\u2019t, help is on the way.<\/p>\n<\/div>\n<p class=\"wpematico_credit\"><small>Powered by <a href=\"http:\/\/www.wpematico.com\" target=\"_blank\" rel=\"noopener noreferrer\">WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"<p>With all of the havoc being caused by COVID-19, many are concerned we may see a new wave of foreclosures. Restaurants, airlines, hotels, and many other industries are furloughing workers or dramatically cutting their hours. Without a job, many homeowners are wondering how they\u2019ll be able to afford their mortgage payments. In spite of this, [&hellip;]<\/p>\n","protected":false},"author":101010,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[99,100,877,102],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Are We About to See a New Wave of Foreclosures? - The Zakaria Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thezakariagroup.com\/are-we-about-to-see-a-new-wave-of-foreclosures\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Are We About to See a New Wave of Foreclosures? - The Zakaria Group\" \/>\n<meta property=\"og:description\" content=\"With all of the havoc being caused by COVID-19, many are concerned we may see a new wave of foreclosures. 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