What to Know Before Buying a Foreclosed Home
If youâve been keeping your eye on real estate home listings, you mightâve seen more foreclosed properties for sale at a reduced price. With record levels of unemployment and underemployment, many homeowners are falling further behind on their mortgages. Currently, thereâs a federal moratorium on the most common mortgage programs through December 31, 2020. Unless further homeowner protections are in place, the foreclosure market will see an unfortunate rise. In fact, according to mortgage and real estate analytics company Black Knight, 2.3 million homeowners are already seriously past-due on their mortgages. As devastating as it is to have more homes undergoing foreclosure, it also means that prospective home buyers, who were otherwise priced out of buying a home, might h...