DS News

17 HOW PARENTS FEEL ABOUT THE HOMES THEY LEAD Homeownership, for many, is a significant component of achieving the whole American Dream. But some who attain it later regret it. Why? And who is most likely to face such a quandary? A survey from LendingTree, published just before Mother's Day, revealed that moms are twice as likely as dads to regret buying their current home. LendingTree's Crissinda Ponder penned the article summarizing the research in which analysts examined "the relationship between parents and how they feel about the homes they lead." About one in four, 27% of mothers said they wished they had purchased a different home. Only 14% of fathers felt the same. Altogether, almost one in five or 19% of parents said that knowing what they know now that would have opted for another property. e following are reasons parents gave for disappointment in their existing abode: » 23% want a larger kitchen » 14% wish for more outdoor space » 11% are dissatisfied with the location of their home » 9% desire more storage and closet space » 9% believe the overall layout of their home could be better Well, what do dissatisfied homeowners plan to do about it? According to LendingTree, a majority of homeowners with children are considering listing their homes. is, of course, has much to do with today's housing market conditions, which highly favor the seller. "Many homeowners with children 18 and under are thinking about relocating. Today's housing market is prompting nearly two- thirds (64%) of parents to consider selling their home to find their dream home," Ponder noted. "Perhaps parents' level of frustration determines how motivated they are to move. More than one in five (22%) moms and dads feel frustrated about their home almost daily. Another 17% report feeling frustrated about it once a week." In many a case, the stress caused by the aforementioned house shortcomings could be alleviated by hiring professional designers, organizers, remodelers, and the like. "Nearly two-thirds (64%) of survey respondents say they would experience a less stressful life if they could remove the pain points their home causes. When broken down by parents, 72% of dads and 54% of moms feel this way," Ponder said. "Some professional help could alleviate pain points for some homeowners. More than 4 in 10 (42%) say they've considered and used a design service or expert organizer for their home. Another 1 in 4 (25%) mulled over hiring a design or organization expert but haven't yet taken any action." In the past year, about half of all homeowning parents have spent more on home decor than usual. Two-thirds have hidden the purchase, or its cost, from their spouse, LendingTree reported. It's not surprising that social media influences homeowners' desires for different home accessories and attributes, but some might be surprised to know that dads are more heavily influenced by social media than moms. "Our survey found that 90% of dads have purchased an item for their home that they saw on social media, compared with 73% of moms," Ponder said. but the panelists agreed that by the Summer of 2021, all loans or some loans will require additional review in terms of forbearance options. e panel then turned to Bourgeois who examined the topic of FHA COVID-19 loss mitigation options available to struggling homeowners. Options outlined included the COVID-19 Standalone Partial Claim; the COVID-19 Owner-Occupant Loan Modification; the COVID-19 Combination Partial Claim and Loan Modification; and the COVID-19 FHA Home Affordable Modification Program (FHA-HAMP), Combination Loan Modification and Partial Claim with Reduced Documentation, which may include principal deferment and requires income documentation. With the Consumer Financial Protection Bureau (CFPB) proposing changes to curb impending foreclosure actions as the emergency federal foreclosure protections are set to expire, the Bureau is seeking public comment in order to prevent the windfall of foreclosures that may overwhelm servicers. e panel highlighted some of these changes and their potential impact. "I personally enjoyed the read of these changes," Yaker said. "In a nutshell, the CFPB was stating that there was going to be such a large amount of borrowers coming out of forbearance in September and October, the fear was that borrowers who had been delinquent throughout their forbearance would not have ample time to be reviewed for any loss mitigation." When asked what the future holds for servicers and borrowers beyond the July 1, 2021, date when the moratorium is to be lifted, the panel was cautious. "Even with the exceptions, it sounds like the CFPB won't allow foreclosures until the servicer has at least attempted contact after the effective date of the rule," Greenhill said. "I don't anticipate much movement until after the effective date of the CFPB rules." Van Ness said, "My guess is the CFPB will still have the prohibition on FHA, Fannie Mae, and Freddie Mac loans," Van Ness said. "Hopefully they will allow the conventional loans to proceed in the borrower's best interest. I am hoping the CFPB will meet the servicers halfway in allowing us to get the borrowers moving where they can."

• Cover