Newsletter - January 2021
Foreclosures saw a significant drop last year. In fact, 80% fewer homes were foreclosed on in September 2020 compared to November of 2019.
Under normal circumstances, that would be considered good news — but nothing about 2020 was normal.
Unfortunately, the dip was not because fewer homeowners were behind on payments. With unemployment numbers last year reaching levels not seen since the 1930s, the more likely reason is the foreclosure moratorium and mortgage forbearance that came with the government’s COVID-19 relief legislation.
The CARES Act, signed March 27, 2020, gave borrowers with federally backed mortgages protection from foreclosure as well as the ability to request mortgage forbearance (a pause in payments) for up to 180 days. The foreclosure moratorium was initially set to expire in August 2020, but lawmakers extended it several times as families continued to face financial difficulties caused by the ongoing pandemic.
Last month, 10 days before the latest extension was set to expire, the Federal Housing Administration (FHA) announced another foreclosure moratorium extension (the fourth), lasting through February 28. The agency also extended the deadline to request initial COVID-19 forbearance for single-family borrowers with FHA-insured mortgages to that date.
"COVID-19 has created hardships for millions of Americans,” said Assistant Secretary for Housing and Federal Housing Commissioner Dana Wade. “FHA will continue to assist borrowers who are struggling to regain their financial footing as a result of this pandemic. American homeowners should not be forced from their homes while they are seeking help."
But you know what they say: All good things must come to an end. The foreclosure moratorium and forbearance option are going to expire eventually — most likely at some point this year. And when they do, experts predict we will see foreclosure actions to increase sharply.
Let Blue Streak Docs manage your document retrieval and property title search reports to help you protect your portfolio in the new year. If you haven’t worked with us yet, give us a try and get your get your 5th order FREE!
Employee Of The Year
|Victoria is always willing to come in early and stay late to help meet client deadlines. She not only helps with production she also contributes cost saving ideas & solutions to help improve things. She is constantly striving to learn more so she can be more of a help. She is the queen of multitasking, able to quickly move from one task to another. A lot is asked of her and no matter how much we have to do she’s never complained, she’s always happy to help and asks what else she can do. On top of everything she does to help other areas, she has really taken ownership of her own position she has taken the post of Admin Assistant and really takes charge of the tasks given rather than just assisting. For all of these reasons and many more Victoria is our Employee of the year!|
Employee Of The Month
|Congratulations to our Employee of the Month, Samantha! Samantha has been with Blue Streak Docs for over five years and in that time, she has made her way through all three of our production departments - Order Management, Document Retrieval and now, Titles. She is consistently one of the highest producers in our Titles Department, which is amazing considering she is also first to tackle the more involved orders that we receive. Just recently, she has taken on the task of learning the processes for some of our more complex client requests and she has been doing a phenomenal job. Samantha consistently puts in overtime to make sure we are keeping our clients satisfied! She is here early most mornings and works through breaks to make sure we are keeping our queues cleared out and our SLAs met. Samantha is extremely deserving of this award and we are so lucky to have her on our team. Thank you for all you do for us, Samantha!|