Santa Clarita Realtor and Foreclosure Prevention Advocate Richard Szerman of Alta Realty Group discusses how COVID-19 has affected mortgage rates.

About 35% to 40% of people are in forbearance in the Southern California area, according to Szerman. What this means is that people are going to their banks since their economy has been affected which results in them not being able to pay their mortgage payment.

This also grants them no late fees or foreclosure. Szerman adds that the Cares Act will protect you from any federally backed loans such as VA, FHA, USDA, Fannie Mae, or Freddie Mac.

“If you want to apply for a loan modification then we have to take you out of the forbearance,” Szerman said.

Now the citizen is at risk for forbearance unless they are being considered for the loan modification.

The downside of this is that if the person does not receive the loan modification then they cannot go back to forbearance because it is one per customer.

Related Article: Foreclosure Prevention Advocate And Realtor Discusses Changes In Real Estate Industry

“If I am drowning and I have this life preserver and I think there’s a boat over there: do I swim for it?” Szerman said.

Richard Szerman feels that there is a lack of leadership during the pandemic.

“It is at a federal level. It is that in the banking sector. It’s everywhere you look,” Szerman said. Individuals should not be making decisions that they aren’t empowered to make and do not have the educated knowledge.

SPS has been having issues with a file that Szerman filed for a client and there are new problems with the file such as losing the paperwork. Szerman says that it is common for that to happen so he resends it, but they lose it and when they do find it SPS says it is past the 30 days and cannot help him.

“We’re in a state that has a massive homelessness problem and it’s going to be made much much worse when all of this hits like a tidal wave at the same time,” Szerman said.

Santa Clarita realtor Richard Szerman, of Alta Realty Group, has more than two decades of experience as a realtor. After “quietly” conducting public outreach and pro bono work as a realtor in Santa Clarita for many years, Szerman is raising awareness about the opportunities available to the community through Alta Realty Group. He offers free foreclosure defense services to the public, gives clients money to buy a house based on the rent they have previously paid, and gives sellers money to fix up their house in an effort to help it sell at a higher price. The Rental Rebate, Free Loan Modification and Resale Renovation Programs are designed to help make it easier to buy a house, sell a house and even save a house from foreclosure. Anyone looking for a “realtor near me” can reach out to the team at Alta Realty Group today. 

Richard Szerman, Alta Realty Group

27451 Tourney Road, Ste #140

Valencia, CA  91355

Office: (661) 253-3000

To call/text Richard directly: (661) 714-1400

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