Here’s how forbearance and the moratorium may affect our market.

Today we wanted to talk about how the moratorium on foreclosures might impact us. No one knows exactly what’s going to happen. Every bank and financial institution is going to handle it differently, but most of the clients we’ve spoken with have been able to work out some kind of plan with their forbearance.

Even if the bank refuses to renegotiate and pushes ahead with the process, the majority of people are going to have home equity. People are worried that there might be a wave of short sales and foreclosures, but that’s unlikely. If someone has owned their property here in Florida for two years and hasn’t pulled out money from that equity, they should be able to sell the home for a profit and pay off the mortgage.

That’s what we’ve been seeing so far, so there’s not much reason to worry. If you have specific questions about your situation or know anybody who does, give us a call at 407-499-8993. We’re more than happy to answer any questions you might have.