Check Out the Latest Foreclosures

Here is a link from the Realtor Magazine for January 2022 on Foreclosures

Foreclosures should have been arriving due to the circumstances surrounding the crisis of Covid-19 and the high unemployment rate but a foreclosure moratorium has delayed this entire process for 2020. The foreclosure mortarium ended June 30, 2021.But guess what, foreclosures are not coming anytime soon.

As of December 2021 and we have an extremely low number of foreclosures on MLS. Due to the high amount of equity in a sellers homes from this pandemic, there is little need for there to be a foreclosure. The buyer demand has been so high and the seller supply is so low that the increase in price for homes has added so much equity. People can sell as a regular sale and avoid foreclosure.

The CDC - Center for Disease control has extended the eviction moratorium for tenants until June 30,2021.

A new spike in new foreclosure filings is starting by the second quarter of 2021. Again, The number of foreclosures may be increasing. although they are not here. Foreclosure homes come in all types and all sizes. We’re here to help you in your search, although you should expect very little to show up. If you are in the market for a short sale, foreclosed or REO property, please contact us. We display the most recent foreclosures listed in our MLS. Now the question becomes, will foreclosures come?

To be in the know when it comes to foreclosures, you need a licensed real estate agent working for you on the inside. We’d love to help you keep track of the latest opportunities in [area]. If you want to view properties today, please don’t wait for an email reply, call us at [phone] for the fastest service. Will foreclosures be on the horizon. We will watch and see...

Back in 2008 I was on a Wells Fargo foreclosure team for 3 years. We saw foreclosures in every city. Yes, it will be happening again. The foreclosures are not here yet.

Why? Most homes are in forbearance.

What is mortgage forbearance?

Forbearance is when your mortgage servicer or lender allows you to temporarily pay your mortgage at a lower payment or pause paying your mortgage. You will have to pay the payment reduction or the paused payments back later.

Forbearance can help you deal with a hardship, such as, COVID-19, you had an illness or injury that increased your healthcare costs, or you lost your job. Forbearance does not erase the amount you owe on your mortgage. You will have to repay any missed or reduced payments. Forbearance is usually between a 6 month period with a extension to a 12 month period.

Many investors are also dealing with rental properties and collecting no rent due to COVID-19. This is another challenging area taking place.

Strong Homeowner Equity

Homeowners will not see the amount of foreclosures that we have seen in past years. The market today is very different than in 2008. Homeowners have more equity in their homes than what the market experienced in 2008.

Buyer Beware:

Most liens are removed after a foreclosure property sale, but certain liens may remain.

This can occur with auction foreclosures. You may think you paid a great price, but think again. Most auctions ask the buyer to pay in addition to the price an extra 5% of the purchase price for using their foreclosure site.

Here are some examples of extra liens that may still be with the property after the auction sale:

Any lien recorded on title prior in time to the foreclosing mortgage.
First Mortgage (if the foreclosing mortgage is a second or third mortgage)
HOA or COA assessment liens (in certain states)
Mechanic’s Liens (in some states)
Government liens such as state and federal tax liens, city or county liens, US Government liens.
IRS liens (IRS may buy the property within 120 days after sale at the price paid at foreclosure sale)
Code Enforcement Liens, Environmental Liens, and Utility Liens
Child Support Liens
Hidden 3rd or 4th lien

Keep in mind, sometimes, auction homes have title issues. For distressed properties in particular, auction companies may not guarantee a clear title which would leave the buyer responsible for paying things like outstanding tax liens or unpaid utility invoices.

There are other ways to purchase a foreclosure property. Call Susan J Penn PA for more information at 954-557-5993

Our website features the best Foreclosure real estate search for homes, condos, land and foreclosure properties available. It is the only site you will ever need! It is easy-to-use and updated by the official Realtor®’s database every 15 minutes.

You can save searches, and get daily email alerts of new listings, price changes, sold data, and market reports. Our Interactive Map Search allows you to view properties on a map or refine your search by drawing the boundaries around the area you desire.

Curious about what’s happening in your neighborhood? You can create a custom market report to see what’s active, under contract, and sold in your neighborhood!