A Bernalillo County-based ransomware attack is posing potential problems for realtors and title companies in the area.

“I think everybody was just in a state of shock knowing that somebody had been able to hack into the system,” Greater Albuquerque Area Realtors President Bridget Gilbert said.

The market’s vulnerability mainly derived from gap insurance acceptance on behalf of title companies, which increased amid the unpredictable circumstances of the pandemic. The deals will continue as long as they are in demand, KRQE reports.

“Buyers were needing to get into their homes and generally, they don’t get into their homes until their deeds are recorded,” Gilbert said. “Kind of like when you buy a car, you don’t drive off the lot until you have a bill of sale.”

Nearly a week after the ransomware attack was confirmed, most of the county’s buildings, including the Property Tax Division building, remain closed. The agencies play a pivotal role in home sales and purchases, which are delayed if monthly property taxes can’t be disclosed and if  the county’s Property Tax Division can’t record deeds for homes, according to the station.

“We have probably about 10 to 15 right now that we’re projecting this month for closing in Bernalillo County that was relying on that gap insurance,” said Stephanee Casares with Premier Choice Mortgage.

There are only a handful of cases where  out-of-state lenders aren’t accepting the gap insurance, which have driven realtors to postpone  closing dates until the county resumes its normal operations. The gap insurance serves as a “safety net” for as long as the title companies allow it. However, if title companies change their strategy, the deals could diminish.

 “So far, as long as gap insurance is in place, our lenders are comfortable allowing us to proceed forward,” Kimberly Kissane with Premier Choice Mortgage said.