"Why foreclosures may be 'slow moving' for local properties," Orlando Business Journal
Following the extension of Florida's eviction and foreclosure moratorium through July 1, Rob Rosen provided insight on the future of foreclosures in the state for a June 4, 2020 article in Orlando Business Journal.
While many analysts predict a spike in delinquent payments and foreclosure activity later this year and into 2021, the process takes between three to six months longer if an owner opts to defend itself. It's unknown how severe of a foreclosure or eviction problem the state will see as landlords are continuing to collaborate with tenants and lenders to address financial problems.
Still, delaying evictions could just be delaying the inevitable for those businesses that will fail, which puts a strain on landlords who can't collect rent in these properties. This lost income combined, with uncertainty as to whether landlords will be able to find new businesses to fill these spaces, will negatively affect landlords' abilities to pay their own mortgage.
"Landlords may be harmed the worst," Rosen said. "It's just not the normal cycle. They'll need to get loans. And will lenders play along?"
OBJ subscribers can access the full article here.
- (407) 540-6612