Good Morning!It's going to be interesting to see if the mortgage industry makes changes to accommodate the impact of being out of work. ...in terms of getting new mortgages.
When you don't have a job - it's hard to pay your bills.
When you don't pay your bills this impacts your credit negatively.
So, we are about to have a wave of millions of people who's credit is about to take a nose dive.
If nothing at all is done from a mortgage perspective - the pool of people that can qualify for a mortgage reduces dramatically. ...this will affect the business / income of all those related to real estate transactions: Realtors, Title Companies, Surveyors, Appraisers, Rehab Companies, Mortgage Companies, etc.
...Not to mention it will affect the price of homes on the market. If fewer people can afford to buy home prices will go down.
In my opinion Real Estate is the straw that stirs the drink of our economy.
My feeling is at some point the mortgage industry will institute some kind of exceptions to normal credit guidelines to accommodate these people.
We'll see.
That's it for today!
Thanks for reading!
Brett
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