• Skip to main navigation
  • Skip to content
  • Skip to footer

Discover Your Dream Home

Talk To The Maxwell House Group Now!

The Maxwell House Group Charlotte NC Real Estate Agent
Have a question? Give us a call at (704) 491-3310, or you can contact us for more options to call or email and we will contact you right away.

Trending Charlotte Searches

  • Charlotte
  • Charlotte Homes in 28202
  • Charlotte Homes in 28203
  • Fort Mill
  • Davidson
  • Huntersville

Account Tools

  • JOIN DEAL ALERT

    Get New Properties & Price Update Alerts sent straight to your inbox

  • FAVORITES

    Login to manage your favorites, save listings & searches

  • PROPERTY SEARCH

    Find Homes using the most powerful Search tool in Charlotte NC

  • MARKET REPORTS

    Find out what other homes in your area are selling for, homes that have sold and trending real estate data

Charlotte NC Homes for Sale By The Maxwell House Group, RealtorCharlotte NC Homes for Sale By The Maxwell House Group, Realtor

  • HOME
  • SEARCH
    • Advanced Search
    • Interactive Map Search
    • New Listing & Price Change Alerts
    • Newly Listed Homes
    • Upcoming Open Houses
    • Search by Listing ID
    • Search by Address
    • My Saved Properties
  • BUY
    • Join Deal Alert
    • Steps to Buying
    • Mortgage Calculator
  • SELL
    • What’s Your Home Worth?
    • Steps to Selling
    • Marketing Your Home
    • Local Market Reports
    • Steps to Selling
  • NEIGHBORHOODS
    • Charlotte
    • Fort Mill
    • Davidson
    • Huntersville
    • VIEW ALL
  • HOT
    • Our Featured Properties
    • Today’s Newest Listings
    • Upcoming Open Houses
  • BLOG
  • ABOUT
    • About The Maxwell House Group
    • Client Reviews
  • CONTACT
  • (704) 491-3310
SearchClose

Debunking the Forbearance and Foreclosures Myths in 2021

Debunking the Forbearance and Foreclosures Myths in 2021

Many homeowners had their lives turned topsy-turvy nearly a year ago with their economic stability, completely disrupted. In the beginning of the COVID pandemic, economic uncertainties were first and foremost in most American’s minds. The government very quickly responded to that angst, putting into place forbearance plans. They were available to homeowners who had experienced job loss and/or economic hardships, allowing them to remain in their homes, without making their monthly mortgage payments. 

Some who signed up for the forbearance program, quickly rebounded and have since attempted to secure a mortgage for a new house and many to refinance their homes. Sadly, those who accepted forbearance are unable to refinance or secure mortgages.


The good news…

There is good news for those who were able to exit forbearance. Most homeowners must only make 3 consecutive payments AFTER exiting forbearance to be able to refinance. 

**Note: I am not a lender so, please check with your lender to confirm that this applies to your mortgage.

Nearly three million American households are actively in a forbearance plan. While 1/3 of those in forbearance have continued to stay current on their mortgage payments, many have not. According to CoreLogic, 39% of those who accepted forbearance are 150+ days behind; fewer than 25% who are actively in the forbearance plan are 180+ days past due.


The better news…

When you compare today’s homeowners who are behind on their mortgage to 2006-2008, that number is really a drop in the bucket. The housing crisis during The Great Recession does not even remotely compare to today’s housing market.

Michael Sklarz, President at Collateral Analytics:

“We may very well see a meaningful increase in the number of homes listed for sale as these borrowers choose to sell at what is arguably an intermediate top in the market and downsize to more affordable homes rather than face foreclosure.”

Delinquency alone is not enough to send a mortgage into foreclosure. Pundits who speculate that massive foreclosure is right around the corner, are not taking into consideration, the equity of the homeowners who are in forbearance. If push comes to shove, a large majority of those homeowners can sell their home to avoid foreclosure – and no, not short-sale it – sell it and cash out! 

Many homeowners in distress have the option to tap into their equity to use until their economic strife improves. OR, instead of participating in the forbearance program their bank offers, they can simply refinance and reduce their mortgage payments. This can help them avoid having to accept forbearance and thus, having that impact further/future financial challenges. 

According to Realtor.com,“Nationally, the number of homes for sale was down 39.6%, (449,000 fewer homes for sale than last December).”

With the unprecedented lack of inventory on the market, the national market can easily absorb 500,000 homes this year, without home values depreciating. In the Charlotte Metro region alone, our inventory is down 55% – over 50,000 homes can easily be absorbed in our market.

Americans have suffered economic hardships in their lives – both personally and in business. The overall residential real estate market however, has overwhelmingly weathered the 2020 pandemic storm and will continue to do so in 2021.

© Debe Maxwell | The Maxwell House Group | RE/MAX Executive | CharlotteBroker@icloud.com | Debunking the Forbearance and Foreclosures Myths in 2021

Posted in: Charlotte Featured Real Estate Articles, Charlotte NC Home Sellers, Charlotte NC Homeowner Tips, The Latest on All Things Real Estate - Charlotte NC Tagged: Charlotte NC Foreclosures

JOIN PROPERTY ALERT

Did you know the hottest homes for sale in Charlotte often sell within days of being listed? Don't miss out! Set up your own custom property alert so you can be notified of the newest homes as they hit the market! Simply click the button below and choose the qualities that you want most in a home and save your search to start getting alerts today!

JOIN PROPERTY ALERT

As local Charlotte Real Estate Agents we also have access to homes before they hit the market and can show you more homes and information that are only accessible in the MLS. If you would like to set up a time to go over your real estate needs, please free to contact us at your convenience. There is no obligation and or pressure... we hope to hear from you!

Post navigation

« Adorable Ranch in the heart of Mount Holly just minutes from Charlotte!
Charlotte Metro Luxury Communities Map (Large Lot Sizes) »
The Maxwell House Group Logo in Charlotte NC

Debe Maxwell Logo

Top Real Estate Agent in Charlotte

Real Estate Tools

Join Deal Alert

Get New Properties & Price Update Alerts sent straight to your inbox

Favorites

Login to manage your Favorites, Save Properties & Searches

Local Market Reports

Find Homes using the most powerful Search tool in Charlotte NC

FREE Home Valuation

Find out the TRUE value of your home and what other homes in your neighborhood are selling for

The Maxwell House Group Savvy + Co. Real Estate  Debe Maxwell, CRS

(704) 491-3310

SavvyBroker@me.com
Business Address: 1920 E 7th Street, Charlotte, NC 28204

View The Maxwell House Group on Google

Connect with Us

Areas We Cover

Charlotte, Fort Mill, Davidson, Huntersville, 28202, 28203, 28204, 28205, 28206, 28207, 28208, 28209, 28210, 28211, 28226, 28270, 28277, 29715, 29716, 29708, 28035, 28036, 28078, VIEW ALL

© 2025 · Savvy + Co. Real Estate - The Maxwell House Group · (704) 491-3310 · Privacy Policy · Privacy Settings · Cookie Policy · Terms of Service · Disclaimer · Accessibility Statement · Charlotte NC Homes for Sale

Disclaimer - All Rights Reserved by The Maxwell House Group · Licensed in North Carolina · Charlotte NC Homes & Real Estate · Sitemap · Listings Sitemap · IDX XML Sitemap

Log in · Real Estate Website by YourSiteNeedsMe LLC Logo