Corona COVID-19 and Foreclosures. How will the pandamic impact mortgages and foreclosures:
Corona Virus COVID-19 , Mortgages and Foreclosures:
How can you Protect your home from foreclosure?
The world is not only facing a dire health crisis. Many of our American families will also be facing a long road ahead with mortgage problems. Delinquent payments adding up and Unfortunately many will be facing foreclosure.
This in addition to the hundreds of thousands of American’s who were already behind on payments, or in active foreclosure before the Corona Virus arrived in the United States.
The Corona Covid-19 virus will present many different mortgage problems to homeowners, as well as the mortgage companies and banks. Not every homeowner will qualify for deferments if complete loss of income due to Covid-19 is not the reason they fell behind.
However like before this virus arrived, there are still going to be many different options and programs homeowners have available to protect themselves.
Our duty here at Homeowner Protection Alliance is to protect homeowners. To protect them from unknowingly accepting short term band-aid solutions that will leave them exposed financially in the future.
Our goal here at Homeowner Protection Alliance is to educate homeowners. To provide them vital information on how to avoid foreclosure before and after the CoVid-19 pandemic.
We here at Homeowner Protection Alliance are proud to be the highest rated, most trusted Homeowner Protection group in the entire country.
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Programs can vary from mortgage company to investors.
Fannie Mae, Freddie Mac, two of the country's biggest mortgage investors have initiated programs to help homeowners who are current on mortgage payments prior to the Corona Covid19 pandemic. On time homeowners can call their mortgage companies and receive 30 to 60 day deferments. Unfortunately however, we at Homeowner Protection Alliance have received countless messages from homeowners stating that their mortgage companies have told them that after the 30-60-90 day deferments, they will have to pay back the entire amount of deferment as well as their next months payments.
Look at this way, if your mortgage is $1000 a month, you will be given either a 30, or 60, or 90 day deferment. The time length will depend on your income and job loss. For the sake of this article let us say you receive a 90 day deferment. After the 90 days, you will owe 3 months of payments = $3000, plus your 4th month of payment. All in all, you will be on the hook for $4000 to be paid. The homeowners who have called us voiced their displeasure and anxiety about this program. yes, it is better than nothing. However we are sincerely concerned about what will happen to homeowners after the 90 days are over.
Loans insured by the FHA (Federal Housing Administration), and the VA (Veteran's Administration), will also be provided 30 to 60 or 90 day deferments. The same issues as above are present however. After the deferment is complete, the homeowners will have to come up with the entire 3 months of payments plus their next month's payment. This large past due amount will surely place millions of homeowners in delinquency. And later on in foreclosure. The cure may be worse than the problem.
What about Private mortgages, or Jumbo mortgages? as of the publication of this article (4/14/2020), there are no programs or options for homeowners who's mortgages are held by private or jumbo mortgage companies.
already behind on payments, or in active foreclosure before the Corona Virus arrived in the United States? All Foreclosures in March were postponed, however we are seeing foreclosure sale dates being scheduled for as early as 4/20/2020. It appears mortgage companies and thier foreclosure attorneys are not allowing this health crisis to delay
Your home is just as important. Will your foreclosure still happen? Will your home still be sold? DO NOT wait for your mortgage company to tell you. You have rights, you have legal options. We here at Homeowner Protection Alliance have been protecting homeowners for 10 years. We are a cost free advocacy group here to help and protect. Give us a call today and ask us all your Corona Virus related questions. Call 866.211.1793
Do Mortgage companies really mean it when they leave public press releases touting their voluntary help programs?
Or are they going to repeat what they did from 2008 to 2012 when they took advantage of homeowners in hardship?