Mortgagee Sales Not Likely To Spike Up In 2020 Despite Recession

Source: https://www.straitstimes.com/business/property/mortgagee-sales-not-likely-to-spike-up-in-2020-despite-recession

Analysts expects the number of mortgagee sales to remain low, although it might increase in the next few months.  However, they do not expect it to surpass last year’s numbers when the number of mortgagee listings hit a record 13-year high.  During the first quarter of this year, there had only been one mortgagee sale by Knight Frank’s auction, far from the 11 recorded last year.  Home and Business owners can chose to defer their loan repayment until end of the year, a relief provided by government to support borrowers whose income are affected by the pandemic.  Affected property owners can opt to defer both principal and/or interest payments and to-date, 34,000 owners have taken up this deferment option.

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