What is Mortgage Forbearance?
A Forbearance plan is an option where you and your mortgage company agree to temporarily suspend or reduce your monthly mortgage payments for a specific time. This option lets you deal with your short-term financial problems by giving you time to get back on your feet and bring your mortgage current.
Forbearance may be an option if you are:
- Behind on your mortgage payments or close of missing payments
- Experiencing temporary hardship.
- If your home loan is backed by a federal agency like Fannie Mae, Freddie Mac, USDA loans, VA loans, you qualify to apply for a coronavirus relief under a mortgage forbearance plan.
You have the right to request forbearance for up to 180 days. If You need it, you can request another 180 days extension. In 2021, another two-three more extensions have been added. Which rounds up the total mortgage forbearance time to 540 days.
No additional fees, penalties, or interest can be added to your account. You don’t need to prove that your financial hardship is related to the coronavirus pandemic.
Few Houses Hitting the Portland Market.
The low supply of houses going up for sale in Portland, Or. it may partly be an unintended consequence of mortgage forbearance programs. Such kinds of programs we didn’t use too often before, and we don’t know what their secondary impacts might be.
Also, a bigger reason for the low number of houses coming to market is the COVID-19 epidemic and, of course, the resulting recession. People sell their houses when they accept new jobs and move to new cities. Or for other reasons that we consider “normal” in the real estate market. But now there is much less of that.
Homeowners think that as long as they are in forbearance, they are not in a hurry to sell their houses because they don’t have to make mortgage payments right away, but if today’s economic storm doesn’t show signs of a soon calm. Many of those homeowners will be stepping on unstable ground.
Low interest rates are playing an important role in real estate market activities. A new listing is receiving up to 8 offers. House’s sales prices have reached 12% more than their original sale price.
Experts hope that after health precautions are lifted, the number of homes for sale will increase. In Oregon, the foreclosure moratorium for federally backed mortgages is in effect through June 30, 2021. For other types of mortgages, lenders can begin foreclosure under Oregon law. This means that by the second half of 2021, the Portland housing market will return to a normal number of homes for sale, and likely, it will become a buyer’s market. We must bear in mind that an overflowing inventory of houses for sale will drastically reduce house prices.
Is Your Property Ready for Sale?
If you are under a mortgage forbearance plan but have decided to sell your house.
Yes, you can do it at any time. For many people selling the house while they are under a mortgage forbearance plan, has been the right alternative. Homeowners can get rid of a program that will increase or double their regular monthly mortgage payments, cash the house equity, and take advantage of the historically low interest rates acquiring another property.
Preparing your home for sale takes time and requires spending a lot of money on repairs, cleaning, painting, etc. Once you have taken care of the major and minor details to beautify your home, you should hire a real estate agent, who will list the property on the market. Thus, be prepared to wait a long time, until a good potential buyer appears. on.
Real estate experts consider that the average time to decide on a suitable property for sale is 3 to 7 months. After a homeowner decides to sell his property, the time from listing to closing on average can go up to 98 days, sometimes for more than 6 months.
“The average amount of time that a home is officially listed on the market is three months. It typically takes about 45 days from accepting an offer to closing when you’re dealing with a buyer with financing. If you assume your house will be on the market for 30-45 days before accepting an offer, plus another 45 to close, plan to list at least three months earlier than your preferred closing date.” Zillow
You have to take into account:
- To attract buyers’ attention, consider custom designs or additions.
- Remove all clutter from the home for buyers to be able to picture themselves in the space.
- Offer things or terms that might sweeten the deal for buyers
- Make sure the exterior of your home looks appealing to potential buyers.
Outside of the house: Examine exterior surfaces, weather-stripping, eaves, and windows. Look for damage such as peeling, cracks, or rot. The roof, decks, and patios should be in good condition. Fencing should be free from damage, like rot or rust. Landscaping should be trimmed back from your home, eliminating the potential for causing damage.
Maybe you didn’t have in mind to sell your house shortly. But, what if you are suffering the COVID-19 hardship, and your property doesn’t look in its best shape to attract motivated buyers?.
After a year, COVID-19 has been declared a pandemic. Hundreds of homeowners are sinking deeper and deeper into income difficulties. Despite the massive vaccination programs. Portland has not fully recovered from the economic struggles it caused.
Like is happening everywhere, we are having high unemployment, hundreds of businesses closing their doors, and some violent incidents occurred while protesters were showing their discomfort through the metro area and other parts of the city.
When the pandemic broke out, many homeowners were caught out of the base and fell off behind mortgage payments. Today, still many of them remained behind on their mortgage payments but took the CARES Act option by signing up into a mortgage forbearance plan.
Selling Your House During Forbearance.
As a mortgage forbearance homeowner plan holder, you can sell your house if you need to do so. If at the end of forbearance, a lump sum payment, a loan modification or simply, continuing monthly higher payments to meet your lender requirements, is not an option? Selling could be the most reasonable solution.
Selling a house is a well-considered decision, but today, the pandemic economic downside effect is forcing people to sign on a forbearance plan, trying to survive and save their home until things become normal. Many people have lost jobs or businesses and are having difficulties paying their bills including the home mortgage obligations.
The CARES act is a limited-time relief proposal to help homeowners and tenants from eviction and foreclosure. Although the act intends to relieve, it is a double-edged sword. On it, there are no rules or directions to help homeowners who after the forbearance time still would be income struggling.
Experts believe a foreclosure tsunami is forming and will be hitting us after the second half of 2021. If nothing extraordinary is done by the federal government to prevent major damages. The economy will not recover on time to prevent people from losing their homes. Banks and lenders will take the best piece of the crisis cake, they will keep their money business on the rail, or in the worst-case scenario, they will be a government financial bailout.
Selling your house is an easy task. We Better Off Home Buyers will buy your home! It doesn’t make any difference if you are mortgage loan current, or behind payments, under a deferred payment, a forbearance plan, or in a foreclosure process, we will buy it. The only thing you need to do is to contact us.
Please fill out the information form on this page or dial directly (503) 212-9641.
- We will get back to you in less than 24 hours.
- Set an appointment to visit your property
- Touring your home in your company.
- To present you with a writing fair market offer.
- You get cash for your house in 7 days.
You don pay:
- Real estate agent commission fees.
- Closing cost.
- Major or minor home repairs.
- House cleaning
- Front yard house appeals.
We will buy your house AS-IS.
What If You Need to Sell Your Portland Home Fast?
Under normal conditions, a traditional real estate sale is the option that most homeowners make when they want to sell. But, what if you need to sell your home in no time? A traditional home sale will turn into a time-consuming and high costs experience. That is why the Better Off Home Buyers’ mission is to give homeowners like you a better selling house experience. We can close in 7 days, which translates money into your hands in a short time.
The fastest and more effective way to sell a house in the Portland Metro area is to selling it to Better Off Home Buyers. A traditional real state transaction can take up to 90 days in normal conditions, but unexpected turns may take the closing up to 4 to 6 months. Sometimes listed homes are unlisted due to the time they have on the market without a satisfactory offer
We have helped thousands of homeowners to sell their homes fast. Our home buying process is fast, simple, easy to understand, and gives the seller homeowner the confidence that their home will be bought in a short time, avoiding the hassles of dealing with realtors, costs, repairs, and months of uncertainty. We purchase houses using our capital.
5 Easy Steps.
- Contact us and let us know about your property.
Timeframe: Once we have collected your home information. Within 24 hours, we will present you with a fair all-cash offer.
- We’ll present you w/ a fair written, no-obligation offer.
As soon as we visit your house for sale, we will have an evaluation of it. Then, we will present you with a fair written offer. To elaborate a house evaluation, we have on account all the variables that affect a fair home price. We know that due to the influence of the Covid-19 and the measurements on interest rates by the federal reserve, home prices in the Portland Metro area, have increased by over a 12% since 2019.
- We close at a local reputable title company, cash in your hands in as little as 7 days.
Our Better Off Home Buyers team includes Lawyers, Accountants, and Real estate professionals to provide an excellent service to our clients. We work with a well-known local title company to be able to close the transaction in a short time. Because we have the capital to buy properties, the closing can be as 7 days in many cases.
- We use technology and apply social distancing to communicate with you and protect your health.
Everything happens for a purpose. The coronavirus pandemic has forced many industries to do adjustments to keep working. The real estate investing industry is not the exception. Thus, we are implementing the benefits of technology to visit the houses we want to purchase. Many homeowners require selling their houses, but they don’t feel comfortable having people walking in. Technology has become an effective tool to see and evaluate a property when the homeowner won’t have visitors at home. If for instance, we physically must visit a house, we always follow the recommendations of the CDC and Oregon’s authorities to prevent the COVID-19 from spreading.
Selling Your House Is A Quick And Simple Process.
Better Off House Buyers buy houses in Portland, Hillsboro, Salem, Oregon City, and across Oregon.
We’re not a listing company. We’re the ones buying your house. This means you don’t need to worry about selling costs, real estate agent commissions, home repairs, and other expenses. We close quickly and on your schedule. We’ll buy your house as-is. We pay cash.
If you need cash for your house urgently, We will buy it fast!!
We can help you if you
- own a house you no longer want,
- Have a house you cannot afford.
- Inherited a property you do not want.
- You are facing foreclosure.
- You are dealing with bad tenants.
Regardless of the condition of your house or your situation, Better Off Home Buyers provides a quick and easy solution to your real estate problems.
We have been in the professional home-buying industry for years. In all this time, we have gathered the experience to ensure your home sale goes smoothly. We possess the capital to buy your home immediately and close at a time of your choosing.
Do you need to sell your Portland house quickly? Countless homeowners in your situation come to us all the time.
- Let us make a no-obligation cash offer on your house now!
- The paperwork will be taken care of by an Escrow company.
- Receive full payment in a matter of days!
- Contact Us