Cape Coral, Fort Myers, Naples Real Estate Broker CEO Is Concerned About The 17 Million Americans Behind on Their Mortgage Payments
As the real estate market continues to soar in value, one local real estate broker CEO is worried about a crash on the other side of this hot market. Having lived through the 2008 real estate collapse, Anthony has seen how fast things can turn around and wants to warn homeowners before it's too late.
Almost everyone knows the real estate market is still crazy hot. There is still a significant lack of inventory in the resale and rental markets because tens of millions of people that haven't paid their monthly payments in nearly a year, are still allowed to stay in their residence.
However, the government has stated that it will be lifting the foreclosure moratorium June 30th, which means everyone is going to start having to make their mortgage payments. June is quickly approaching, and the banks are in trouble right now, so they have all of their paperwork ready to immediately file foreclosure on millions of properties, the very day they are allowed to.
When we asked Anthony, how is this different than the last real estate market crash? He responded, "During the last crash, it made sense to stay in your home as long as you could because the homes didn't have equity, they were upside down in value and it didn't cost you much to stay in your home. So, you could ride it out staying there until you went to foreclosure, and the lender took the house. Now it's different, these homes all have large amounts of equity in them, and the banks know this, and they want that equity so they're not going to be slow this time around. The time to sell is now for these folks, even though they have missed multiple payments, they could still sell right now and walk away with a big fat check. And that's even after paying late fees, late payments and more. They need to be warned though, that as soon as the foreclosure is filed, things will drastically change for them. Their foreclosure filing expenses will skyrocket, the attorney fees, and court costs could add up to thousands of dollars which means it will eat into the equity they currently have. That means they cannot collect a big fat check and now their credit rating is going to nosedive, which means they will struggle to secure other living arrangements. We could have a really big homeless problem on our hands if folks don't take action and sell their homes. Now is their best chance to sell and walk away with a lump sum of money and a better credit rating than if they have a foreclosure which will haunt them for years to come. For folks that are not behind on their payments but have thought about selling, they need to act fast All of this foreclosure inventory coming will plummet their home's value, so if they've wanted to upgrade or downgrade, now is the time."
It's also true that homes may never be worth what they are today, and your equity position may never be higher than it is today, before the flood of foreclosure homes hit the market this coming summer. So, you should consider your options now just in case things do change for the worse.
About Anthony Gomes:
For more information on how to prepare for what is coming, Anthony is available for a free, no obligation, no pressure consultation with you and your family so you can intelligently weigh your options, Contact Anthony Gomes at his office by calling 239-308-5818 and one of his assistants will answer and make arrangements to meet with Anthony. You can also visit his website https://www.SouthwestFloridaRealEstateListings.com
Anthony Gomes CEO Luxury Properties LLC