Q: Gerald, I heard that the NJ Gov. extended the eviction and foreclosure moratoriums again, is that true? Cassidy, Weehawken, NJ A: Under the first of two laws NJ Gov. Murphy signed in the first week of August, 2021 renters making less than 80% of the area’s median income will be shielded from eviction through Dec. 31, 2021 for rent owed between March 2020 and Dec. 31, 2021. Renters with income above 80% of the median income will see the eviction moratorium come to an end on Aug. 31, 2021. The measure the Gov. signed surprisingly had bipartisan support and was praised by both housing advocates and landlord groups like the NJ Apartment Association. For tenants who certify that they […]
continue reading Q: My wife and I had been planning to sell our home soon but we pulled back when the pandemic lockdowns began. We still want to sell, what’s different about selling now in the pandemic? Ravi, Brooklyn A: Residential real estate has changed since the onslaught of the pandemic–one of those changes is the current foreclosure moratorium, which has effectively reduced the number of available homes for sale on the market. This reduction in available homes makes competition amongst buyers for houses that are currently for sale more fierce. This intense competition among buyers coupled with record low mortgage rates is making it easier for many homeowners to sell their homes right now. In my new book, “How To Sell […]
continue reading Q: When Will The Foreclosure Moratorium Expire? Tiffany, Edison, NJ A: The moratorium on single-family foreclosures for certain federally-backed mortgages has been extended until the end of December 2020. The extensions will benefit 25-30 million homeowners who have mortgages guaranteed by Fannie Mae and Freddie Mac. Nearly a third of homeowners and renters entered August with unpaid housing bills. Furloughs and job losses due to the pandemic are fueling mortgage and rent defaults. It’s anyone’s guess how long the foreclosure and eviction moratoriums will ultimately expire because the foreclosure moratorium could potentially be extended again at the end of this year. Hopefully, policy makers will signal the expiration of the foreclosure moratorium to give people more time to plan for […]
continue reading Q: How long will the foreclosure moratorium last? Eileen, Palisades Park, NJ A: The foreclosure moratorium had been set to expire at the end of June and was extended through the end of August–it certainly can and may be extended again. At present, the moratorium on evictions and foreclosures seems to be having their intended effect. Foreclosure filings are currently at their lowest rate in 15 Years. The FHFA oversees Fannie Mae and Freddie Mac, as well as the 11 Federal Home Loan Banks. Together, these entities provide more than $6.4 trillion in aggregate funding for U.S. mortgage markets and financial institutions. Over 50 million Americans have filed for unemployment so far. Though new jobless claims have been slowing, the […]
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