So how many loans in the region are in delinquent right now?
How many HOA dues, property tax, insurance, rent etc are all delinquent?
All is well except if you are the holder of the junior liens, what do you do?
Almost all jr liens have accelerated clauses. Basically, a borrower is in default on the jr lien, even if payments are current, if they are delinquent in paying the senior liens, taxes, insurance, etc etc.
Now what happens if the GSEs, FHA, VA or even some big name lenders decide to offer forbearance to hurricane/flood victims? Would the jr lien holders be sitting back and watch their collateral go under water, literally? If not, what can they do, foreclose on a house that is under water?
How many loans are we talking about here?
How about all the income property loans with no income?
Any insurance experts here that can explain how the claim process work for something like this? |
