With all the mayhem caused and escalated by COVID-19, many are anxious we may be coming upon a new wave of foreclosures. Restaurants, airlines, hotels, and many other industries are temporarily laying off workers or dramatically cutting their hours. Without a job or regular income levels, many homeowners are questioning how they’ll be able to afford their mortgage payments.
With all of this happen, there are some reasons we might not see a surge in the number of foreclosures like we did during the housing crash back in 2009 and the years following.
The Government Learned its Lesson the Last Time
During the previous housing crash, the government waited too long to grant relief to homeowners. Right now under President Trump’s direction, action is being taken within weeks. Recently:
- The Federal Housing Administration enacted an “immediate foreclosure and eviction moratorium for single family homeowners with FHA-insured mortgages
