Let's get right to it. Many people, 2 Million homeowners, to be exact, are delinquent on their mortgage. Multiple economists believe this will cause homes to come onto the market between August and October. Good news for the buyers searching for homes, and is this a good thing for the homeowners who might need assistance coming out of the moratorium?
With home prices continuing to increase, you might have substantial equity in your home to cover the difference. Here are a few things to keep in mind if you are looking to stay in your home.
The most important thing during this time is to ask for help! You need to contact the company that is holding your mortgage and talk about your options.
Many people are still experiencing hardship during this time and have the ability to create a plan that works for both them and the mortgage company.
The foreclosure moratorium has ended as of July 31st, and many people will want to look into their options. The Forbearance enrollment window will extend through September 30th.
75% of mortgages are government-backed loans.
A few of the options to catch up on your missed mortgage payments are
- Reinstatement: All at one time
- Payment plan: higher payments to catch up
- Deferral: Make old payments as usual and move skipped to the end of the loan.
- Loan modification: Changing the terms of the loan to achieve a lower payment
There are many options, and that's why it is essential to reach out to your mortgage specialist to plan for your future.
Even if you have the money to pay the skipped payments and you think you are good. It's better to communicate with your mortgage company than do this on your own and not communicate.