Mortgage Help for Government-Backed Loans Continues
Posted on 
The COVID-19 crisis has been going on for over a year, and many people are still having money troubles. If you’ve lost your job or your pay has gone down, you might still be able to get help with your mortgage payments. Good news is, you can still ask for this help even if you got it before during the pandemic.
The government’s Consumer Finance website says that you can still ask for a break on your mortgage payments. This help is only for certain types of mortgages that the government supports, like those from HUD/FHA, VA, USDA, Fannie Mae, and Freddie Mac. You can ask for up to 180 days where you either don’t have to pay or can pay less. And if you’re still having money problems, you can ask for another 180 days of this help.
Additional Extensions
Following the initial 360 days, it may be possible to request another six months of mortgage forbearance.
Key Things to Remember
Here are a few other crucial things to consider. First, asking for help is more common now. When the pandemic started, many people called for help, but things have gotten better, and many companies have expanded to help their customers.
Next, most banks that give out home loans don’t need to see proof that you’re having money troubles, which is a big help, especially for those who work for themselves. But remember, getting a break from your mortgage payments doesn’t mean you won’t have to pay or that your debt is gone; it’s just a short pause, and you’ll still need to pay later.
Finally, it is critical to recognize that obtaining help with mortgage forbearance claims should never result in any fees. If someone seeks payment for such services, stop communicating immediately. Federally supported mortgage servicers provide free counseling and customer support.
Non-Federal Backed Mortgages
For those who do not have federally guaranteed mortgages, navigating relief possibilities gets more difficult. Most major banks and financial organizations have offered some type of mortgage relief, although the possibilities differ. The best method is to contact your mortgage provider immediately, as they can explain the potential possibilities. Fortunately, the chances of eviction or foreclosure under the current circumstances are relatively minimal.
Renters’ Considerations
A growing percentage of the population leases their homes rather than purchasing them completely. While rising housing costs in cities provide a unique economic burden, renters can find some relief. The continuation of mortgage relief suggests that landlords would not be under undue pressure to satisfy their real estate obligations, potentially reducing financial constraints for tenants. Individuals should once again contact their landlords or property management agencies to discuss possible choices, since lower mortgage payments may translate into greater flexibility in rent agreements.
Editor-in-Chief • Industry Trends Writer
Ethan analyzes market shifts and predicts future developments in different industries to keep his audience well informed and ready.
