Forbearance ends: Will Albuquerque homes come out distressed?
(Transcript Snippet): ” Tracy: We look at a lot of indicators. Right. And the thing came up yesterday. Someone asked the question about all of the homes in forbearance and that one. Yeah, there’s that one too. That whole question of all of a sudden a forbearance. And are we going to have a ton of houses come on. The market distressed? And our answer is
Tego: No. In fact, the latest stats that came out this week on the whole forbearance and forbearance plans at down below 2 million, it was almost 7 million. At one point. Now it’s down to 2 million, probably going to have a lot more drop-off because there’s a bunch of them that expiration that expire in the next few months. And so either those people will you know, go into loss mitigation, meaning they’ll go into some sort of you know, foreclosure, or maybe you do some sort of workout with, with the bank or they’ll just pick up and start making their payments or they’ll refinance or they’ll sell. It just looks like most of those people that got into those forbearance plans are going to be able to come out of them without much difficulty, if
Tracy: You’re a listener and you’re in a forbearance plan, you know, and you have questions about it, give us a ring Tego, or I would be happy to talk to you, you know, call the four, four eight, eight, eight, eight eight number. And just say, you want to talk to us about it because most people that are in forbearance, their house value has gone up over the last two years, year and a half.
Tracy: You know, if, if you’re not going to be able to pay for your mortgage, you know, you probably have equity that
Tego: We could help you with. And, you know,
Tracy: There’s a lot of options to one of them and just real quickly as it might be that investor could buy your house and you could rent from them and not even move and have some cash in your pocket from selling your house. And we’re seeing that happen
Tego: In New Mexico in the last year on average homeowners gained $26,000 in equity. Tracy: Where else can you get that? Right? You don’t get it by putting it in the bank.
Tego: And, and so anyway, that’s that, that was just, you know, one thing to bring up.
Tracy & Tego Venturi
Venturi Realty Group
1119 Alameda Blvd NW
Albuquerque, NM 87114