Struggling To Pay Your Mortgage? New Mortgage Deferral Program Aims To Help

Dated: 04/04/2020

Views: 429

Hi friends! Thank you for stopping by to read my blog. I'm honored you are here. I will be sharing programs that are available to us throughout the next couple of weeks along with things that we can do now to prep our houses to be the best ever. Let's use this gift of time wisely. Things sure are crazy right now and we are all in a state of shock because everything seems so uncertain. The good news is that there is help on the way! So, I will start with Mortgage help. Let me know if you have any questions and I will do what I can to answer! 

The coronavirus pandemic has caused the economy to come to an abrupt halt, with many businesses being forced to cut their employees’ hours or move forward with layoffs or furloughs. 

If your work has been impacted by COVID-19, you may be facing financial uncertainty—including how to make your mortgage payment.

But there is help on the way.

Fannie Mae and Freddie Mac recently unveiled a new mortgage deferral program to help homeowners facing financial hardship (the deferral program was outlined in a recent article on Housing Wire). Under the new program, borrowers facing a hardship (coronavirus-related or not) can defer two months of their mortgage payments, which is then added to the end of their mortgage.

This program was already in the works and was going to be announced later this year, but in response to the current crisis, the program is being rolled out early to support struggling homeowners.

So, what does this mean for you? These are unprecedented times, with many people facing financial hardship or uncertainty—but if you’re struggling to pay your mortgage, there are plans in place to help. If you’re in need, call your mortgage company and speak to them about your options.

NOTE: This article refers specifically to Freddie Mac and Fannie Mae backed loans.
That said, even if your loan is not backed by one of them, there are likely options your mortgage company can offer you.

Regardless, make sure you understand the terms your mortgage company is offering and that you agree to. For instance, they may offer to defer your payments for a number of months, however, the entire amount you deferred may be due at once when that time period is over. Or, they may offer to tack the deferred payments onto the end of the loan period. Not all deferral agreements are the same. And they are not a free pass—the deferred payments will still need to be paid. Make sure you call right away to see what arrangements can be made.

Thanks again for stopping by!  I appreciate you! Please let me know if there are any areas or home repair, fix up, sales and purchases you would like more information on and I'll get to work providing you answers.

XO,

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Kathy Bonnett

Buying and selling a few homes in my 20's lit the fire in me that eventually led me to pursuing a career in Real Estate. After receiving my BA in finance I enjoyed working in the financial planning in....

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