Robbyn Battles

1420 Foothill Blvd.
La Canada, CA 91011
p: 818-249-7492
t: 818-388-1631
e: Robbyn@TheHouseAgent.com
w: www.thehouseagent.com

Follow me on one or all of your preferred social media options below.
Let's be sure to connect!

Recent Posts

  • There has been a lot of discussion as to what will happen once the 2.3 million households currently in forbearance no longer have the protection of the program. Some assume there could potentially be millions of foreclosures ready to hit the market. However, there are four reasons that won’t happen. 1. Almost 50% Leave Forbearance Already Caught Up on Payments According to the Mortgage Bankers Association (MBA), data through March 28 show that 48.9% of homeowners who have already left the program were current on their mortgage payments when they exited. 6% made their monthly payments during their forbearance period 7% brought past due payments current 6% paid off their loan in full This doesn’t mean that the over two million still in the plan will exit exactly the same way. It does, however, give us some insight into the possibilities. 2. The Banks Don’t Want the Houses Back Banks have learned lessons from the crash of 2008. Lending institutions don’t want the headaches of managing foreclosed properties. This time, they’re working with homeowners to help them stay in their homes. As an example, about 50% of all mortgages are backed by the Federal Housing Finance Agency (FHFA). In 2008, the FHFA offered 208,000 homeowners some form of Home Retention Action, which are options offered to a borrower who has the financial ability to enter a workout option and wants to stay in their home. Home retention options include temporary forbearances, repayment plans, loan modifications, or partial loan deferrals. These helped delinquent borrowers stay in their homes. Over the past year, the FHFA has offered that same protection to over one million homeowners. Today, almost all lending institutions are working with their borrowers. The report from the MBA reveals that of those homeowners who have left forbearance, 5% have worked out a repayment plan with their lender 5% were granted a loan deferral where a borrower does not have to pay the lender interest or principal on a loan for an agreed-to period of time 9% were given a loan modification 3. There Is No Political Will to Foreclose on These Households The government also seems determined not to let individuals or families lose their homes. Bloomberg recently reported: “Mortgage companies could face penalties if they don’t take steps to prevent a deluge of foreclosures that threatens to hit the housing market later this year, a U.S. regulator said. The Consumer Financial Protection Bureau (CFPB) warning is tied to forbearance relief that’s allowed millions of borrowers to delay their mortgage payments due to the pandemic…mortgage servicers should start reaching out to affected homeowners now to advise them on ways they can modify their loans.” The CFPB is proposing a new set of guidelines to ensure people will be able to retain their homes. Here are the major points in the proposal: The proposed rule would provide a special pre-foreclosure review period that would generally prohibit servicers from starting foreclosure until after December 31, 2021. The proposed rule would permit servicers to offer certain streamlined loan modification options to borrowers with COVID-19-related hardships based on the evaluation of an incomplete application. The proposal rule wants temporary changes to certain required servicer communications to make sure borrowers receive key information about their options at the appropriate time. A final decision is yet to be made, and some do question whether the CFPB has the power to delay foreclosures. The entire report can be found here: Protections for Borrowers Affected by the COVID-19 Emergency Under the Real Estate Settlement Procedures Act (RESPA), Regulation X. 4. If All Else Fails, Homeowners Will Sell Their Homes Before a Foreclosure Homeowners have record levels of equity today. According to the latest CoreLogic Home Equity Report, the average equity of mortgaged homes is currently $204,000. In addition, 38% of homes do not have a mortgage, so the level of equity available to today’s homeowners is significant. Just like the banks, homeowners learned a lesson from the housing crash too. “In the same way that grandparents and great grandparents were shaped by the Great Depression, much of the public today remembers the 2006 mortgage meltdown and the foreclosures, unemployment, and bank failures it created. No one with any sense wants to repeat that experience…and it may explain why so much real estate equity remains mortgage-free.” What does that mean to the forbearance situation? According to Black Knight: “Just one in ten homeowners in forbearance has less than 10% equity in their home, typically the minimum necessary to be able to sell through traditional real estate channels to avoid foreclosure.” Bottom Line The reports of massive foreclosures about to come to the market are highly exaggerated. As Ivy Zelman, Chief Executive Officer of Zelman & Associates with roughly 30 years of experience covering housing and housing-related industries, recently proclaimed: “The likelihood of us having a foreclosure crisis again is about zero percent.”

Instagram

This error message is only visible to WordPress admins
Error: There is no connected account for the user 3474043077.

Facebook

Battles Real Estate

A real estate company engaged in your community.
Battles Real Estate
Battles Real EstateSaturday, January 23rd, 2021 at 4:28pm
Search for homes right from my Facebook page! Please feel free to contact me or schedule a showing.

Start searching now: https://go.homeasap.com/homesearch/288833024561177
Battles Real Estate
Battles Real EstateFriday, January 22nd, 2021 at 5:06pm
Financial Fundamentals for Homebuyers [INFOGRAPHIC] | Some Highlights When you’re thinking about buying a home, there are a few key steps to take before you even start to look at houses. From saving for your down payment to getting pre-approved for a mortgage, you’ll want to make sure you keep your financial plan on track from the beginning. Let’s connect today | https://www.thehouseagent.com/financial-fundamentals-for-homebuyers-infographic/
Battles Real Estate
Battles Real EstateFriday, January 22nd, 2021 at 5:06pm
What Experts Are Saying about the 2021 Job Market | Earlier this month, the Bureau of Labor Statistics (BLS) released their most recent Jobs Report. The report revealed that the economy lost 140,000 jobs in December. That’s a devastating number and dramatically impacts those households that lost a source of income. However, we need to give it some context. Greg Ip, Chief Economics Commentator at | https://www.thehouseagent.com/what-experts-are-saying-about-the-2021-job-market/
Battles Real Estate
Battles Real EstateFriday, January 22nd, 2021 at 5:06pm
Owning a Home Is Still More Affordable Than Renting One | If spending more time at home over the past year is making you really think hard about buying a home instead of renting one, you’re not alone. You may be wondering, however, if the dollars and cents add up in your favor as home prices continue to rise. According to the experts, in many cases, | https://www.thehouseagent.com/owning-a-home-is-still-more-affordable-than-renting-one/
Battles Real Estate
Battles Real EstateMonday, January 18th, 2021 at 5:02pm
How to Make the Dream of Homeownership a Reality This Year | In 1963, Martin Luther King, Jr. inspired a powerful movement with his famous “I Have a Dream” speech. Through his passion and determination, he sparked interest, ambition, and courage in his audience. Today, reflecting on his message encourages many of us to think about our own dreams, goals, beliefs, and aspirations. For many Americans, one | https://www.thehouseagent.com/how-to-make-the-dream-of-homeownership-a-reality-this-year/
Battles Real Estate
Battles Real EstateFriday, January 15th, 2021 at 5:09pm
Things to Avoid after Applying for a Mortgage [INFOGRAPHIC] | Some Highlights There are a few key things to make sure you avoid after applying for a mortgage to help make sure you still qualify for your loan at the closing table. Along the way, be sure to discuss any changes in income, assets, or credit with your lender, so you don’t unintentionally jeopardize your | https://www.thehouseagent.com/things-to-avoid-after-applying-for-a-mortgage-infographic/

Contact Robbyn