Amid the hot housing market in Miami, almost 8% of mortgage-holders in the city are delinquent, among the highest share in America
Yet amid this exuberance, almost 8% of mortgage-holders in Miami are delinquent, among the highest share in the nation. Meanwhile, people renting housing face the end of a federal moratorium on evictions at the end of the month. A moratorium on mortgage foreclosures ends at the same time, raising fears of a spike in houses lost amid a house-price boom.
Miami offers a compelling case study. Since it had no strict evictions moratorium of its own, a good number of people lost their homes, despite the moratorium declared by the Centres for Disease Control and Prevention to slow the spread of covid-19. “Theactually has a lot of holes,” says Jeffrey Hearne, a legal-aid lawyer in Miami. “The biggest hole is that it does not clearly apply to a landlord who is evicting for no reason at all.
If renters have been evicted despite the federal moratorium, the picture for foreclosures is different. Two federal policies have prevented them. First, theAct, which provided homeowners with 180 days’ worth of forbearance on their mortgage payments. This has been extended twice since, by 180 days each time. Many mortgage providers also voluntarily suspended starting foreclosures.These policies have been highly effective.
Many borrowers might try to stay put by requesting a loan modification. Yet this is not a simple path. Modification requires reams of paperwork, and cases can drag on in Jarndycean fashion. Banks can modify loans at their discretion, though regulation sometimes makes this hard. Default rates on modified mortgages have historically been high so banks must hold extra capital against them, something they are loth to do. The other incentive is pecuniary.
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