Mortgage News | Covid-19 Payment Relief for Homeowners
The federal government and states announced protection for homeowners experiencing difficulty in making their mortgage payments due to the coronavirus. These options protect homeowners from damaging their credit score and the risk of foreclosure.
These policies are targeted for use by those whose income or ability to pay has been impacted by the current COVID-19 crisis.
It is important for homeowners to be proactive in contacting their mortgage servicer to ask for assistance as quickly as possible as lenders are likely to become very busy in the weeks and months ahead. In every case, terms must be approved PRIOR to ceasing monthly payments.
Every lender has a different application process, mortgage reduction, mortgage deferment, and mortgage repayment terms.
When requesting assistance, homeowners must be prepared to offer proof of their financial circumstances. It is critical to understand the specifics of the program their mortgage servicer is offering. While many lenders and banks are allowing borrowers to defer payments for a number of months during the crisis, they each have varied criteria when it comes to interest accrual and repayment terms.
Knowing how much leeway you're being granted and when you'll be expected to repay is key.
Forbes.com recently published a list of both Federal and Private Relief Programs that will be updated regularly as new programs and initiatives come online. Click here for details: https://bit.ly/2JrSMSw
As always, reach out to us with any questions and concerns. We remain open and available to assist. All of our systems are secure and we already pre-approve, process and fund online.