MISS A MORTGAGE PAYMENT?

Dated: April 29 2020

Views: 12

Millions of Americans missed their mortgage payment in April.  If you're one of them, or will be in May, now is the time to act.  Included in the Stimulus Act passed by Congress was the following:

Encourage all financial institutions to work with borrowers to modify or restructure existing loans, including forbearance arrangements, interest rate modifications, repayment plans and any other similar arrangements that defer or delay the payment of principal or interest before borrowers are experiencing payment difficulties.  The bill would susupend accounting rules so such modifications would not be categorized as troubled debt restructurings.

Additionally, the Act requires banks to stop all foreclosures for 60 days beginning March 18, 2020, allows you to receive forbearance for up to one year on a government backed loan, and protects credit for those financially impacted by Covid 19.

Call your mortgage servicer if you have already missed a payment or are in doubt of making a payment.  Forbearance is a loan grace period that makes the full amount of the loan payments missed due on the final day of grace.  If you've lost income, it's not likely to be the best program for you.  Talk with your mortgage servicer about delaying payments and loan modification.  Try to get those missed payments figured out in advance and added to the the end of your current loan.  You'll pay a little more in interest, but you won't lose your home.

If you have questions or just need to talk about everything that is happening, give me a call.  I have a listening ear.

Blog author image

Maysonya Morrison

I'm a Michigan girl who loves four seasons, water, the Lions (no, I don't have a back-up team), and Detroit. My husband Brad and I met while serving in the US Air Force. That service had us living i....

Latest Blog Posts

How to Home Inspection

  I've got home inspections happening this week for both buyers and sellers.  Home inspections can be a cause for worry for both parties.  In this market of short inventory, sellers

Read More

Mortgage Rates and the Ability to Buy

Recently Fannie Mae and Freddie Mac released their mortgage rate predictions for the remainder of the year.  Both organizations believe that rates for 30 year loans will fall to 2.9% by fall.

Read More

CURB APPEAL

First impressions matter.  We all know it, and it applies to most areas of life.  One of the things I am constantly talking to sellers about is curb appeal and how much a little bit of

Read More

MISS A MORTGAGE PAYMENT?

Millions of Americans missed their mortgage payment in April.  If you're one of them, or will be in May, now is the time to act.  Included in the Stimulus Act passed by Congress was the

Read More