I’m curious to see how the foreclosures and evictions that have been halted due to the virus effects Reo. Especially homes in which the owners have not paid in years.
Covid-19 has led to moratoriums on foreclosure sales and evictions for GSE (FHLMC, FNMA), HUD & VA. We are seeing our clients with wholly owned loans also implementing voluntary moratoriums as no one wants to be in the spotlight during this crisis.
The result of these actions will be delayed foreclosure & eviction actions and longer delays before the REO can be listed for sale. Some servicers will move occupied assets to auction or loan sale as a way to try to liquidate the loans to investors who will deal with the occupied properties. All of these will result in additional holding costs to the holders of the loans.
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