CFPB appears to have come out today with some updates regarding foreclosure moratoriumsBelow is link to article from DSnews, excerpt and link to CFPB rulingIn some cases, foreclosures are not unavoidable, and under the CFPB’s new rule, foreclosures will be able to start if the borrower:Has abandoned the property;Was more than 120 days behind on their mortgage before March 1, 2020;Is more than 120 days behind on their mortgage payments and has not responded to specific required outreach from the mortgage servicer for 90 days; orHas been evaluated for all options other than foreclosure and there are no available options to avoid foreclosure.https://dsnews.com/daily-dose/06-28-2021/new-cfpb-rules-drafted-to-ease-surge-in-foreclosures https://files.consumerfinance.gov/f/documents/cfpb_covid-mortgage-servicing_final-rule_2021-06.pdf

The Consumer Financial Protection Bureau announced a new rule today to prevent a wave of foreclosures due to coronavirus.Here is a summary from the New York Times:“In most cases, lenders will only be allowed to foreclose on a home if it is abandoned, if the borrower has not responded to messages for at least 90 days, or if the borrower has been formally evaluated for all available “loss mitigation” options (such as a loan modification) and none are viable.Servicers will also be allowed to proceed with foreclosures for borrowers who were already 120 or more days delinquent before March 1, 2020.The new rule also allows mortgage servicers to more easily offer some loan modifications so long as the changes do not increase a borrower’s monthly payments or extend the loan’s term more than 40 years beyond the modification date.”Nice for current homeowners but with the current high prices and low inventory, anyone hoping for a wave of foreclosures or crash may be waiting awhile. 

Boston's apartment rental market seems to be rebounding from its 2020 slump, as the market absorbs 43% of vacant inventory since March.  

I finished a rehab in March, and some of my quotes for work today are nearing double what I paid 4 or 5 months ago, which was effectively double what I paid for work at the beginning of COVID.Clearly, labor costs are rising across the board, but my friends that work at a large enough scale at least have salaried tradesman on their payroll, so it is a little easier to control that cost, versus subbing everything.

I closed on this quadruplex at the end of March 2022.

You then do an assignment document… A one page piece of paper that you turn into the title company that says I’m selling this property to buyer B, and when it sells please give me $10,000 or whatever your assignment fee is.

First, we do not allow lease terminations between October and March. 

Focus on a narrow band of features you're looking for (Property class, physical details, property age, etc). 

Imagine you sold in March 2020 when Covid was predicted to destroy the economy.....you would have lost out on a ridiculous amount of wealth. 

One of the guys in my band has a daughter that does this and she doesn't make all that much money, punctuated by high costs of living in general and periods of unemployment.