If you would like expert guidance during these challenging times, or just to chat, please feel free to email, text, or call me anytime! I can be reached at 530.416.1955 or michelle@tahoekeck.com. I have successfully navigated many volatile real estate markets and am here as your resource. On that note, I wanted to share some options for you if your are having difficulty making your mortgage payments.
Banks vary on waiving fees, eliminating surcharges and deferring payments, but many are offering some kind of aid during this difficult time. Because information changes often, you should check with your bank to find out the latest help offered. Below is a list of banks that are offering some kind of assistance right now, links to their COVID-19 response, and current contact information.
Many banks are also offering forbearance relief. First and foremost, if you are able to pay your mortgage, continue to do so. Forbearance should be a last result and there may be negative impacts you need to be aware of if you access the relief.
Here is what you need to know:
Continue to pay your mortgage unless in a dire emergency
You must call the mortgage company you pay your mortgage to every month and be approved for forbearance, deferment or loan modification.
Skipping payments without approval may lead to foreclosure on your home.
Every mortgage servicer (the company you make your mortgage payment to) will handle mortgage relief programs differently.
A forbearance does not necessarily mean that the number of month’s relif you receive are tacked on to the end of your loan. Some companies will expect full payment of those deferred months in a lump sum immediately following the relief period.
Ask questions- know what you are getting into.
If you are unsure if you should utilize the mortgage relief program, contact a local mortgage broker for advice.
