Albuquerque forbearance updates
(Transcript Snippet): “Tego: It has to do with, with what’s going on with the forbearance world. Right. So if you’re not familiar with it, when the pandemic started there were a lot of these programs that came into place to help people with mortgages
Tracy: Couldn’t afford to pay them, could
Tego: Couldn’t make their home mortgage payments enter into a forbearance program, meaning they’re, they’re basically putting their mortgage payments on hold. And, and of course, you know, now we’re, we’re past a year out. And and so there’s been a lot of them that expired because, you know, I think initially it was what six months, or maybe it was three months and it extended and, and a lot of them, you know, are up on a year now. And so, so there has been a lot of explorations in, in what what’s happened is as they’ve expired, meaning the plan most of these people have come off the forbearance plan,
Tracy: Right? When you look at the numbers, the decline was pretty significant of people in the program. Okay. Yeah. So people
Tego: Exiting the program. A lot of those people came, you know, did a workout plan with their, their mortgage per, you know, their mortgage servicers. We call it and meaning like, okay, we’re going to, you know, set up some sort of repayment plan so you can get back on it. Some people didn’t, and that’s a really small number. And then some people extended again to that may, that may not have so, but, but the, the point is it’s about half, I think from a year ago, shoot, I saw it earlier and I read the data on it, but substantially less number of people on those forbearance plans. And every month it keeps declining and the point is, it’s going in the right direction. It’s not looking like we’re going to have a flood of foreclosures for, you know, people that, that have gone into foreclosure.
Tracy: And typically what we’ve seen Tego for people that have come out of a forbearance program that maybe didn’t pay their monthly mortgage for a year or some number of months during that year is a lot of times they took that amount that they should have been paying. And the lender put that at the back end of their loan. So it’s not like now they owe 10 months or 12 months of mortgage. Right. They just added it onto the end of the loan. So now they’ve got a 30 or 31 year loan instead of a 30 year mortgage. Right. So it, th the, you
Tego: Know, again, the takeaway is it’s positive news for, for that situation. I know there was some really big, scary numbers, you know, last year on the number of people that weren’t paying their mortgages, but every month it gets better and better.
Tracy & Tego Venturi
Venturi Realty Group
1119 Alameda Blvd NW
Albuquerque, NM 87114