Wednesday February 16, 2022 – Foreclosure numbers have been at record lows across the country since March 2020. Foreclosure moratoriums have a lot to do with those numbers. Now that the moratoriums have ended, should we start to see a rise in foreclosures?
Well, January 2022 saw a sharp increase – Foreclosure filings such as default notices, scheduled auctions or bank repossessions more than doubled compared with January 2021.- still at lower levels than before the pandemic.
But, we can expect those numbers to continue to rise. An estimated 7.1 million borrowers — 14% of all mortgage holders — entered into forbearance during the pandemic. The Federal American Rescue Plan Act, passed in March 2021, provided additional funding for distressed homeowners. Eventually, those funds will dry up.
Attorney Steven A. Leahy takes a look at the Foreclosure numbers across the county.