Where are we now with the eviction and foreclosures moratorium? The eviction suspension for properties that Fannie Mae or Freddie Mac acquired through foreclosure or a deed in lieu will last through September 30, 2021. But the foreclosure moratorium itself expired.
Amy Loftsgordon, Attorney and writing for NOLO, tells us, “The Federal Housing Finance Agency (FHFA), which regulates Fannie Mae and Freddie Mac, announced an extension of the ban on post-foreclosure evictions through September 30, 2021. But the foreclosure moratorium that applies to Fannie- and Freddie-backed, single-family mortgages expired on July 31, 2021. Since that date, loan servicers may now initiate or resume foreclosures but may not evict a foreclosed borrower or other legal occupants.”
Foreclosure filings – including default notices, scheduled auctions, and bank repossessions – increased 27% from July to 15,838 filings in August, according to the August 2021 U.S. Foreclosure Market Report. In addition, the report shows that filings are up 60% from last year.
“As expected, foreclosure activity increased as the government’s foreclosure moratorium expired, but this doesn’t mean we should expect to see a flood of distressed properties coming to market,” RealtyTrac Executive Vice President Rick Sharga said. “We’ll continue to see foreclosure activity increase over the next three months as loans that were in default before the moratorium re-enter the foreclosure pipeline, and states begin to catch up on months of foreclosure filings.”
You can buy the real estate owned by lenders who have acquired the property through foreclosure by buying non-performing notes
A Non Performing Note is a mortgage that has not been paid and is in danger of being foreclosed on by the bank or note holder OR already owned by the lender.
While this is a shortlist of considerations, please be prepared for what non-performing note investing can be. There are plenty of opportunities to attain high returns with these types of investments, but you need to know the full scope of work involved before laying your cash out there for the investment.
Paige Panzarello, the “Cashflow Chick,” Founder of The Tryllion Group, Investor/Entrepreneur having done $150 Million+ in real estate transactions; Specializing in Non-Performing Notes. She has been a regularly featured guest on “The Cashflow Guys” podcast, and you can also find her on many other Real Estate and Entrepreneurial podcasts and in the Wall Street Journal as well. She also speaks at various Real Estate Investing clubs and conferences across the country. Paige teaches the “Building Wealth with Notes” Workshop that drills down into the details of how to successfully buy Non-Performing Notes, create passive income, and mitigate risk. www.CashflowChick.com/training
Surviving the crash of 2007, Paige knows how “life happens” every day. Her passion is to help people build wealth, secure their financial future, enjoy life, and be ready-not broken! Whether it is improving communities one house at a time, assisting borrowers in staying in their homes, or working with other investors to learn a new way to earn higher investment dollars for their retirement years potentially, Paige dedicates herself and her business to helping people improve their lives in every way. For more information got to www.CashflowChick.com