Selling An Underwater House During The COVID-19 Crisis.

The COVID-19 crisis changed our lifestyle. In Oregon, independent, mom and pop, and small landlords struggle to survive and keep their property. Homeowners with home loans not federal-backed are potential victims of the eviction moratorium imposed by the local and federal authorities. The related regulations do not include provisions to assist homeowners who are not protected by the federal government from lenders.

Rules issued to prevent the coronavirus from spreading protect tenants but do not include the landlord’s needs. The landlord’s ability to generate income has been reduced all at once. It appears that local and federal governments have left small landlords at their lenders’ mercy. 

These months, since the pandemic started have been awful,” In general, it is the comment when homeowners contact us looking for help.

The epidemic crisis is far from over. Its consequences have devastated several economic sectors. Every day we talk about how difficult the situation is for the hospitality, restaurant, entertainment industry, etc., but nobody talks about the struggles that small landlords go through.

Data compiled by Multifamily NW, a rental industry group whose members include landlords and property managers, shows that between 12% and 15% of renters in Oregon have not been able to keep up with their rent payments during the pandemic. A survey by researchers from Portland State University found the situation to be considerably worse, with 36% of 460 Oregon tenants surveyed reporting back rent owed.” The Oregonian reported on its Nov 13/2020 publication.

According to the Rental Housing Finance Survey, about 41% of the rental units in the United States are individual investors owned. 

Federal and Oregon regulations protect tenants from eviction. Unfortunately, landlords do not receive the same treatment from the authorities. Many of them are not current with their mortgage obligations. If the measures to prevent the coronavirus from spreading continue forcing businesses to close and people to stay home without an income source, We will see hundreds of landlords underwater.

40 Million Americans Are At Risk.

Evictions in the United States could begin to occur soon, causing a national housing crisis. An estimate of 30 to 40 million people in the United States could be at risk of eviction in the coming months. Many homeowners and small landlords, lacking the credit or financial ability to cover rent arrears, will have difficulty paying their mortgages, property taxes, and keeping their properties.

The U.S. Census Bureau Household Pulse data shows a graphic indicating an estimated 101 million Americans in renter households from this amount, about 60 million tenants would have limited or no eviction risk, and 40 million tenants will be at eviction risk by the end of 2020.

Millions of renters in the USA who are protected from eviction by the CARES Act will no longer be shielded in 2021. A Statista analysis indicates around 35% of tenants In Oregon will face eviction.

Seriously delinquent borrowers — those late on their payments for 90 days or more but not yet in foreclosure — continued a pace of significant growth in July. Properties in serious delinquency rose to 2.25 million from 1.87 million in June and 444,000 year-over-year. Many borrowers still face financial hardship and have signed for mortgage forbearance. Others who depend on their rental income are struggling because their tenants can make up with the monthly rent.

Use Your Home Equity To Avoid Foreclosure.

2021 could be the foreclosures year. If the coronavirus crisis has not been resolved by  April 2021, the first foreclosure wave will be unfolded across the USA. The real estate market inventory will be saturated. As a result of it, home prices will drop off by at least 30%.

Small landlords on default and beneficiaries of forbearance plans may risk losing their rental properties due to accumulating debt and difficulty catching up.

By acting now, you avoid facing a difficult situation in the future. It doesn’t make any sense to keep having headaches because your tenants don’t pay rent, or your lender changes the loan policies without warning, and the government shuts down the country. 

 ATTOM Data Solutions revealed that of the 54.5 million homes with a mortgage, 26.7% have at least 50% equity. That number has been increasing over the last eight years. Also, the low-interest rates have raised home prices by about 18% since April 2020.

If as a landlord, things go wrong, take advantage of your home equity as soon as possible. If, after doing your numbers, you find out your situation in 2021 will worsen. Taking action right away is the key.

It doesn’t matter if you have tenants or your rental house has a mortgage forbearance. You can sell it, as fast as 7 days.

Better Off Home Buyers buys your tenant-occupied rental house. 

By selling your rental property to us, you kill two birds with one shot. You will get rid of your lender and your tenants at the same time.

In Portland, the real estate market is hot, which is a phenomenon resulting from the actual low-interest rates. However, selling a renter-occupied rental home that currently has a forbearance mortgage is a near-impossible task. No real estate agent wants to deal with this type of business and, most importantly, does not know how to do it.

Now is a good time to sell your rental income home and get the equity from it. Expert predictions show the real estate market will crash in 2021. Until December 2020, we will see a dramatic increase in houses for sale, properties abandoned, and a significant drop off in home prices.

Selling your rental home now will prevent you from foreclosure. A foreclosure is a negative stain in anybody’s credit report that shuts down financial opportunities for up to 7 years, as a minimum.

Usually, the hardest decisions are the ones we must take. It isn’t easy to detach from dreams and illusions. Building a family patrimony is a great endeavor, but sometimes it is necessary to deal with hard times. No doubt the COVID-19 hardship in 2020 is the toughest period the world has seen in decades. If you need or decide to sell your rental property fast, contact us.

We are Better Off Home Buyers will buy your house. Please fill the form on this page or dial (503) 212-9641. We can help you!

Selling Your House to Better Off Home Buyers.

You can hire a real estate agent to sell your home, but remember, real estate agents want to sell properties in excellent condition. They do not deal with homeowners who are struggling financially. Realtors love to sell perfect homes where they can earn the highest commissions.

Better Off Home Buyers will buy your house AS-IS. You can have a check in your hands in 7 days. 

Selling your house to us means: 

  • You don’t need to do small or major repairs.
  • You don’t pay real estate agent commissions.
  • You don’t pay closing costs.
  • You don’t need to do a deep cleaning in your house to please homebuyers.
  • We will take care of everything.

In Portland and across the country, government and health authorities are easing restrictions. Everyone wants to get back to normal as soon as possible, but we must do a safe transition. The COVID-19 pandemic is far from being controlled, and we must continue working together to prevent the virus from spreading.

Although authorities make efforts and take measures to recover the economy, we still have a long way to go. Many homeowners who are suffering the pandemic hardship, need more than a 180 days mortgage forbearance plan to get back on their feet. For many, an extension of another 180 wouldn’t be enough.

With banks and lenders acting at Motu Propio, it does not guarantee homeowners in crisis will receive the help needed to keep their properties.

At Better Off Home Buyers, we are receiving testimonials from homeowners who after their first 180 days of forbearance had requested an extension. But they were rejected by their lenders. Borrowers have claimed that the extension rejection was based on the fact, they (the homeowners) had a forbearance plan, so banks feel that those homeowners could be a risk because they can’t make payments on time. But this statement is contradictory because banks approved the mortgage forbearance plans in the first place. 

Selling Your House With a Mortgage Forbearance.

Drastic problems require drastic solutions. If money is tight, if your income stream has become a trickle, don’t wait for things to get worse.

The reality is, millions of Americans are suffering the consequences of COVID-19 hardship. America is a country of smart, dedicated, and problem-solving people, so when you are underwater, acting right away is what you need to do to get on track again.

If you need to sell your mortgage forbearance house. Better Off Home Buyers will buy it.

Selling your home during this time of year will help you to recover. Portland’s real estate market during the third quarter of 2020 would still is in good shape. The year 2021 will be tougher for any industry in the US. Home prices will fall in Portland and across Oregon.

Selling today will save your credit, your home equity, and it will give you the chance to reorganize your finances in 2021.

Because you need to solve your financial problems, selling your forbearance mortgage house is the answer to start your financial recovery. Better Off Home Buyers buys homes AS-IS.

To start the selling process of your house, just contact us by filling the form on this page or dial directly (503) 212-9641.

We will call you back to schedule an appointment to visit your home. You decide when is the best time to visit your property. People have concerns about the COVID-19 contagious. Every time we conduct a house visit, we take precautions to prevent the coronavirus from spreading. 

We follow the authorities’ recommendations, like wearing a face mask, gloves, and shoe covers, keeping the social distancing, and make sure you and our work time be safe.

After we visited your property, we will present you with a writing offer. You are free to take the time you need to decide on our cash offer.

After you accept our proposal, the Better Off Home Buyers team will start the required documentation to purchase the house.

In a period of up to 7 days, you will have the money for the sale of your house. Besides, you will have a new opportunity to obtain another loan to buy another property. One of the benefits of selling your home is that your credit score will not suffer, and you can get a low-interest mortgage rate.

The financial crisis developed by the coronavirus will bring a big foreclosure wave in 2021. Which means a lot of properties available for sale. When the real estate market is saturated, the demand for houses gets down as the home prices too.

Right now is a good time to sell an underwater property. The scenery couldn’t be so perfect. Just you need a little bit of action and problem solve. Contact us.

After Forbearance.

If you need to take a financial break and suspend your mortgage payments, contact your lender to sign a mortgage forbearance plan. You are allowed to suspend payment for up to 180 days. Before your forbearance plan ends, you should contact your lender again for a 180-day extension if needed.

According to Better Off Home Buyers’ research, an extension of a home loan not backed by the federal government (private loan) is 100% dependent on the decision of your lender. Homeowners with a conventional mortgage have a small chance of being approved for a forbearance extension or a loan modification. But a big chance of foreclosure.

We believe, in favor of the homeowner, banks do not want to have a large inventory of houses, their business is “use the money to make money.” For banks having houses, means losing money.

Many lenders would accept a deferral or a loan modification plan. The downside is they will apply a higher interest rate to your loan balance and will keep as a record the fact you could not keep your home loan current. If you have a private servicer, any forbearance plan for you will be at your lender’s discretion. 

If a mortgage forbearance extension is not available for you, then you may be facing two different scenarios. One is your inability to resume monthly mortgage payments, eventually, your lender will foreclosure on you. In the other scenario, if you have a place to go and afford it. Selling your house would give you peace and a second chance to restart.

Selling Your House In Mortgage Forbearance.

While you are in a forbearance mortgage plan. Yes, selling your house is an option you can consider to pay off your balance. There are a lot of people who may reach the end of their forbearance plan, and still not be able to continue making payments.

The Coronavirus hardship has been especially difficult for many homeowners and small landlords. The pandemic has systematically destroyed the economy in a big sector of Portland. The protests and some violent demonstrators add another ingredient to the crisis, making it harder for many people to earn money to cover their obligations.

We don’t know how much longer we’ll be facing the pandemic, and its catastrophic effects on health, safety, and economy. If by the third quarter of 2021, a vaccine is not approved, the full recovery and the return to normal will take at least 3 or 4 years. Meanwhile, hundreds of thousands of Americans would have lost their properties through foreclosure. For those who are and will be struggling with mortgage payments, selling the property is a smart decision. 

The Interest rates are at the lowest in many years. A home loan for a new property could be more affordable for those who wrestle to make up current mortgage payments.

If You Are Selling Your House In Portland.

Better Off Home Buyers buys properties as-is. We close the purchase of a house in just 7 days. If you need to sell your Portland home quickly or have any questions call us at (503) 212-9641.

Also, We can help you in case you are facing a foreclosure or if you are behind in your loan payments. We buy all kinds of property in Portland.

Regardless of the condition of your house, we can still make a reasonable offer for it. Better Off Home Buyers have enough money to buy properties immediately. Other home buying companies cannot say the same.

Other homebuyers work with investor’s money. Their house buying transactions are subject to approval. We have not that problem. We are the boss. We got the money!

Remember, the service we provide to the Portland and Oregon’s community is transparent, easy, and efficient. Contact us!

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