Mortgage Relief for May
More people than usual are understandably having problems paying their mortgages right now due to the Covid 19 crisis. It will be May this week and many people simply don’t have the same incomes they had prior. If you don’t have the money, don’t just sit there — you have options to protect yourself.
First, there are no foreclosures going on in Florida until late May at the very earliest. So do not worry about that. If you have a federally-backed loan, you can ask for forbearance for 180 days, and an extra 180 days after that if you still have issues. Need to know if your loan is federally backed? Check out the links at the bottom.
If your loan is not federally backed, contact your lender for options. Another option is a deferment. Your lender likely has several possibilities, so call them and see what they can offer to help you.
You need to be careful about both a forbearance or deferment though, so call your lender and see what options they have, and get it in writing. Make sure you know what you are agreeing to.
Ask these questions when you call:
What options are available to help temporarily reduce or suspend my payments?
Are there forbearance, loan modification, or other options applicable to my situation?
Can you waive late fees on my mortgage account?
As always, if you have any questions or concerns about this process, or what your options are, give us a call at 727-729-2719 and we’ll be happy to help you.
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