What you need to know about the foreclosure moratorium…
Many homeowners are protected from being foreclosed on right now, but as June 30th gets closer, we are looking at a significant portion of the population that could be facing foreclosure as soon as the moratorium is up. If you’ve been struggling to make payments on your mortgage for the last 18 months but still have your home, you could be facing some trouble in the next few weeks and we’d like to help.
Firstly, the past year and half have been extremely hard for a lot of people. Whether COVID-19 affected you or your family directly through the contraction of the virus or indirectly through lockdowns, furlough or other damages to your financials, it’s not likely that you haven’t been affected in some way. We’ve all had a hard time dealing with the trials and tribulations that the pandemic has brought for us and many of us have been looking for some help.
Unfortunately, at the end of the month it could get a lot harder for many americans… If you’ve been behind on your mortgage payments and you’re not in contact with your mortgage company, the next few weeks could be stressful and hard.
Some things you should know:
- Wells Fargo plans to extend the moratorium for all of the loans they own until the end of the year.
- Bank of America only plans to keep the moratorium until the end of the quarter which is the date the federal government’s moratorium ends.
- Chase Bank also plans to only uphold until the end of the quarter
There are over 1.8 Million mortgages that are delinquent as of the end of April and if you’re one of them, there is still hope even if you don’t have any way of making payments. We at Mortgage Relief help homeowners just like you get out from under your mortgage with the minimum possible impact to your credit that we possibly can.
How do we do this? Through a process called a short sale, check out our full article about short sales here!
More things you should know about the foreclosure moratorium… You may not be in foreclosure but you may be in forbearance and those payments may also become due soon, in a lump sum… That is also a frightening prospect and not generally feasible for most homeowners that have had financial struggles.
There are still options for those that might have trouble paying their mortgages and banks are more willing now than ever before because they understand the hardships that COVID have put on most families. The most important thing is to be diligent about talking to them and asking for help or contacting us to we can start walking you through the process of a short sale.
If you need help today, don’t hesitate to reach out and we’ll get you starting in the process!