Foreclosures are coming?

[Mary Jay]

Hi guys, I just received it by email from some real estate class. the email is saying that over 3 mln homeowners are 90+ days delinquent.

Did you guys hear anything like that? Not sure how legit this info is

[Minna Reid]

Yes - there will be lots more foreclosures. I've specialized in default for 15 years so I always start getting these seller calls before the masses catch on. For the last year or so, almost all my defaulters are coming out of lengthy forbearances, cannot self correct and are headed to foreclosure and must sell/short-sell. There has been an uptick in these sellers over the last few weeks specifically. I believe June was when the last set of forbearances were due to end, so the timing makes sense.  There was some great data on black knight on the status of those in forbearance recently if you want to get some more insight. 

Predictably - offering everyone the option not to pay their mortgage for 2 years was not a wise idea and led to trouble. What a shocker. Never mind the  backlog of foreclosures that still has to clear out from the moratorium.