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Homeowner Tips

Lis Pendens? Foreclosures?

As an agent my personal goal is for every homeowner to maintain and preserve homeownership eligibility. Some of us are mishoused. Before the pandemic, our employment and mortgage payments may have synced up nicely. That may have changed. It most likely changed. 

The ATTOM U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the ATTOM Data Warehouse during the month and quarter. Millions of people got mortgage forbearances during the pandemic that put their mortgage payments on hold. Most of them got back on their feet and ended their forbearances in 2020 and 2021. The people who remained in forbearances into 2022 might be more likely to be suffering permanent financial hardships.

Some lenders want a lump sum of money or your payments may be a lot more than you were expecting. 

The foreclosure uptick “also indicates that the economic, and especially employment recovery, is not complete. We lost 20.2 million jobs in April 2020 alone as the government imposed wide-ranging lockdowns and since then, the economy has added 18.8 million jobs back, but we’re still short of the pre-pandemic level,” says Ratiu. 

That said, “the silver lining for housing markets and homeowners is that January’s foreclosure rate remains 40% below the value registered before the pandemic,” says Ratiu.

Connecticut is currently ranking number 14 in the US in the first quarter in regards to foreclosures.

States with the longest average foreclosure timelines for homes foreclosed in Q1 2022 were Hawaii (2,578 days); Louisiana (1,976 days); Kentucky (1,891 days); Nevada (1,808 days); and Connecticut (1,632 days).

That means there is time to save your home. And taking advantage of Connecticut's foreclosure mediation can help.

 

 

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The first thing she will ask from you is what do you expect from her. You should expect nothing but world-class service with results. She is happiest and performs at her best when she's helping her clients. Kadesha look’s forward to the opportunity to serve you successfully.

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