Upcoming Foreclosures

When does the moratorium end on foreclosures?

Are there a lot more foreclosures hitting the market soon? i hear some people are living in there home for 12- 18 months without paying any mortgage, how long will this go on. I understand they are doing this to prevent houses from sliding further, but eventually they will need to have these homes foreclose.

Public Comments

1. According to some friends I have that work for IRS, when the moratorium ends, there will be a new wave of fore closures. The houses are still upside down, and the owners financial situation isn't improving enough to provide the cash money needed to pay the difference between the value of the home and the mortgage owed.
2. Yup... there's a HUGE amount of foreclosures hitting the market. The recession is effecting people in a huge way. The market is finally getting better but I think it'll take 2 years in order to fully recover. No one can predict it exactly though.
3. There is no moratorium on foreclosures. They are happening every single day right now. Some people live in their houses that long because the lender is so backlogged with foreclosures to complete. 'They' are not letting people live there to prevent price drops - just isn't happening. good luck!
4. Foreclosures are still on the rise in many areas and because of this, many families are being left with nothing. Both the federal government and local governments are imposing foreclosure moratoriums. These moratoriums are not a universal requirement. In some cases, only certain loans qualify for a moratorium and in others, a local court may impose a moratorium for all foreclosures in that particular county. Many of the larger lender have voluntarily participated in a moratorium, even when it was not required of them by law. Foreclosure moratoriums have been in effect, on and off, over the last 12 months. Different lenders, courts, or government agencies have determined that it may help. The truth is, these moratoriums are not doing much to help the situation. They are simply putting off a problem until a later date. Originally it was though that a moratorium would give people enough time for the government to offer a bail out plan, but now we all realize that the government's idea of a bailout doesn't really help the average homeowner. The main problem with a moratorium is that it gives the foreclosure victim a false sense of security. They think everything is going to be ok; in reality, after the moratorium ends (most moratoriums last 90 days) the foreclosure process will continue as if it never stopped. In some cases, the foreclosure process even continues during the moratorium and the sale happens almost immediately after it ends. If you are lucky enough to have a foreclosure that has been paused by a moratorium, the don't waste any time finding a solution, so your home is not lost when the moratorium ends! In many cases, you can use this time to recover from your financial hardship. Other people use this time to hire a professional to negotiate a loan modification with their lender. There are many ways to stop foreclosure, but remember, a moratorium is not one of them! Unless the homeowner resolves the foreclosure during this time, the home will be lost when the moratorium ends.