‘We want people to stay in their homes’: Mortgage lenders don’t expect a flood of foreclosures when moratorium ends

At Greenfield Savings Bank, about 20% of mortgage customers are in deferral, said President John H. Howland.

These are people who have told the bank they’ve suffered an economic loss from the coronavirus pandemic.

“It allows people to not make payments,” he said. “It basically goes on the back end of the mortgage.”

But now those deferrals of 30, 60 or 90 days are ending just as the statewide moratorium on mortgage foreclosures is set to end Saturday. A moratorium on residential evictions is also expected to sunset.

All are measures meant to soften the blow and guide households through COVID-19. But even with the moratoriums ending, local mortgage lenders don’t expect a rush of foreclosures to come sweeping through the system, as they did in the 2008-09 recession.

“We don’t know what is going to happen when the deferral period ends and people start payments,” Howland said. “We want

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‘We’re just kicking the can down the road.’ Landlord expects foreclosures after CDC halts evictions

NASHVILLE, Tenn. (WTVF) — A local landlord said there will likely be foreclosures down the road unless unemployed renters get monetary help to pay rent.

The Centers for Disease Control and Prevention has halted evictions for people who can’t pay rent to help slow the spread of COVID-19. Since property owners are left paying mortgages, experts are forecasting a waterfall of evictions, and an influx of foreclosures. “We’re just kicking the can down the road, just pushing the issue that it doesn’t negate the rental lost income, the resident is still responsible for that after the moratorium ends, and in a lot of situations they’re going to be a worse state financially with all those back fees and things like that.”

Elliott Hallum is the President of the non-profit Real Estate Investors of Nashville, and he’s a residential real estate agent who has several rental properties. “I think they’re going

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Demonstrators call for state to extend moratorium on evictions and foreclosures

With the state moratorium on evictions set to expire on Oct. 17, nearly 100 protesters gathered outside the Park Street MBTA station at Boston Common on Sunday in support of a bill that would extend the ban.

The crowd surrounded a 6-foot sign reading, “Eviction Free Zone” and carried many handmade banners and placards supporting the bill, including several that said, “Stop 100,000+ Evictions.”

Advocates said the bill, which still needs to pass both branches of the Legislature and get approval by Governor Charlie Baker, would spare more than 100,000 households struggling due to the pandemic from displacement.

“We are just so anxious about what’s going to happen after Oct. 17,” said Lisa Owens, executive director of City Life/Vida Urbana, the tenants’ rights group that planned Sunday’s event.

“This is a crisis we can avert,” she said in a phone interview before the rally. “The clock is ticking,”

As the

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Summit County sees few foreclosures during pandemic economy

A for sale sign sits in front of a home in Frisco on Saturday, Oct. 10. Despite the economic recession, homeowners in Summit County have been able to avoid foreclosure because of a high demand for properties.
Photo by Libby Stanford / estanford@summitdaily.com

FRISCO — It’s no secret by now that Summit County’s real estate market has been largely unaffected, if not aided, by the novel coronavirus pandemic. 

Despite a total shutdown in March, residential properties in Summit County are selling faster than ever. A good seller’s market also means fewer foreclosures, which are indicated by public trustees — documents that indicate a property’s ownership has been transferred to the county.

There have been eight public trustee’s issued in Summit County this year, according to the August Land Title Guarantee Report

In 2019, 14 public trustees were issued. There were 18 issued in 2018. The last time the county

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Fifth Third Collaborates with NeighborWorks America to Prevent Foreclosures and Evictions

Collaboration includes foreclosure mitigation, eviction prevention and financial counseling to those in need

The Fifth Third Foundation today announced a collaboration with NeighborWorks America to support efforts addressing the impacts of COVID-19 in local communities across 18 NeighborWorks America network organizations located throughout Fifth Third’s 10-state footprint.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201007005802/en/

Byna Elliott, senior vice president and chief enterprise responsibility officer, Fifth Third Bank (Photo: Business Wire)

The $600,000 collaboration, which will be funded through The Fifth Third Foundation’s COVID-19 relief, recovery and resiliency funds, will assist the network organizations’ efforts to prevent foreclosures and evictions; assist with the impacts from the COVID-19 pandemic in communities; respond to critical needs; provide foreclosure and eviction mitigation and counseling; and financial coaching and emergency rental assistance for clients, as well as homeownership counseling and education.

“The pandemic has for many severely affected their ability to

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CMBS Foreclosures Start Rising As Hotel Defaults Break 50% In Some Cities

The market for commercial mortgage-backed securities, particularly hotels and retail, continues to worsen with no sign of an imminent turnaround.

The September edition of CMBS analysis firm Trepp’s monthly report found that 26% of hotel-backed CMBS loans are in special servicing, while the same is true for 18.3% of CMBS loans tied to commercial retail properties. Both sectors’ special servicing rates are the highest on record, while industrial, office and multifamily all have below 3% of their CMBS loans in special servicing.

Luxury hotels in major cities seem to be the hardest-hit subsection of the hospitality industry because they are more dependent on business travel and large events that remain all but nonexistent across the country.

Hotels in Houston, which has also been hurt by the oil industry’s struggles, hit a 69% delinquency rate in September, according to Trepp data obtained by Commercial Mortgage Alert. Just over 50% of Chicago’s

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Nev. Lenders Must Brace For The Next Wave Of Foreclosures


By Amy Sorenson, Kelly Dove and Tanya Lewis

Law360 is providing free access to its coronavirus coverage to make sure all members of the legal community have accurate information in this time of uncertainty and change. Use the form below to sign up for any of our daily newsletters. Signing up for any of our section newsletters will opt you in to the daily Coronavirus briefing.

Law360 (October 6, 2020, 3:50 PM EDT) —

Amy Sorenson
Amy Sorenson
Kelly Dove
Kelly Dove
Tanya Lewis
Tanya Lewis

Nevada was an epicenter of the Great Recession and housing crisis of 2008-2009. Home prices plummeted, accompanied by widespread job losses and decreases in income. Homeowners defaulted on mortgages and, in some cases, walked away from their homes.

With such significant personal and financial impacts on borrowers also came significant financial impacts on lenders. While the effects of mortgage defaults were widely reported, lenders also sustained substantial losses as the

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Commercial-Property Foreclosures Are Poised to Rise as Covid-19 Lingers

The coronavirus pandemic came at a bad time for the Burnsville Center mall near Minneapolis. In May,

Macy’s Inc.

said it would close its store. J.C. Penney Co., which also has a store at the mall, filed for bankruptcy.

Owner

CBL & Associates Properties Inc.

risked losing the mall if it stopped making payments on the $63 million mortgage. Instead, the company overseeing

CBL’s

securitized mortgage agreed to defer payments for three months, according to the loan servicer’s commentary collected by data firm Trepp LLC.

But CBL didn’t pay off the loan after three months. Now, Burnsville Center is one of hundreds of properties across the country heading to foreclosure.

CBL didn’t respond to requests for comment.

Lenders, for the most part, were initially happy to grant debt forbearance and hope that the pandemic would end soon. But many now expect the pandemic and its aftereffects to linger for

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How Short Sales and Foreclosures Affect Your Taxes

Whenever you sell a home, you need to calculate your capital gains to determine whether you owe any tax. If you engage in a short sale or your mortgage lender forecloses on your home, the Internal Revenue Service treats it just like a sale. Foreclosures and short sales may also require you to recognize ordinary income if the lender cancels any of your outstanding mortgage balance and you’re ineligible for an exclusion.

Short Sales and Foreclosures

Both short sales and foreclosures are usually the result of a borrower’s inability to continue making mortgage payments.

A short sale is where your mortgage lender allows you to sell the home for less than your outstanding loan balance and cancels your obligation to repay the remainder of the loan.

With a foreclosure, the mortgage lender will take possession of the home if it doesn’t receive scheduled mortgage payments over an extended period

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If rental assistance isn’t in the next stimulus, there will be bankruptcies, foreclosures | Opinion

By David Brogan

Regardless of your political persuasion, the stalemate between Speaker of the House Nancy Pelosi and Senate Majority Leader Mitch McConnell can make anyone cringe. This is especially true if you are one of the 40 million renters in this country, many of whom are struggling to make ends meet, and who desperately need rental assistance. I’m not quite sure if congressional leadership refuses to recognize the exponential benefits of rental assistance or if they just don’t have the ability to see how beneficial rental assistance would be to our quality of life, our economy and our local and state governments, but it’s time to wake up.

I say to Congress, “Rental assistance, WTF!?” WTF stands for “Where’s The Funding?”

The trillions of dollars in stimulus aid since the beginning of this pandemic has helped people on unemployment, it has helped hospitals, and it has helped small and

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