Dear Family, Friends & Clients,
We are now in a recession and the hope is for a V-Shaped Recovery. This means that the economy goes down sharply and bounces back just as sharply. This is not a time to act out of fear but it is also a time to protect ourselves should things end up worse than hoped for or expected. Home ownership is highly desirable. There is no need to panic unless you are not able to make payments over the next six to eight months should you lose income or ability to pay your mortgage. This might be a time to consider selling an investment property or even your primary residence should there be any financial difficulty possible in the near future.
Check with your lender, attorney or CPA regarding a three month mortgage moratorium for government loans such as FHA, VA, FNMA, FMAC. However this may not include Jumbo Loans. The request may not require proof of the cause. The missed payments might be added to the end of the loan but you need to check with your lender for all details and verification.
There are signs to watch out for including but not limited to continued stock market deterioration, extended stay at home orders, rise or continued spread of the virus, loss of life, rise in unemployment, and increased listings in the MLS. The last crash in real estate market began when investors started to unload their investment properties. Should a crash occur trying to find the best time to sell is like trying to catch a falling knife. Let's keep you in the best seat in the house at all times. Give us a call to discuss your specific circumstances.
Home ownership gives us a sense of pride and accomplishment. Protecting your financial future is optimal and with cash in the bank you are able to buy another home in the future. Our goal, as always, is to serve the your best interest. We are driven by serving the public and being positive citizens. We love what we do for a living and appreciate those that have put their trust in us.