COVID Foreclosure Moratorium Ended: What Now?

The federal moratorium on mortgage foreclosures has come to an end, which means that homeowners will now have to face the overdue payments that were put on hold for over a year. If you are feeling a bit anxious about the future, do not worry because you can still obtain help.

What Happens Next?

According to the Consumer Financial Protection Bureau, if you received forbearance under the Cares Act, you can ask for an extension if you are still dealing with financial difficulties. This extension is only available if you did not reach the maximum months of forbearance. However, keep in mind that none of this happens automatically. You have to reach to your mortgage servicer ask for it!

There are also some other options to catch up on missed mortgage payments:

  • A re-payment plan which may include higher payments in order to catch up.
  • Deferral or loan modification where missed payments may be placed on the back of the loan.
  • Full reinstatement where you simply pay the missed amounts in one lump sum.
  • Refinance which would replace the old loan with a new loan, including all the missed payments.

If none of these options seem feasible to you, you may want to consider selling your home, so you can walk away with some money and avoid foreclosure. As you can see, you still have a number of options when navigating this difficult situation and an experienced Attorney/Realtor can help.

Speak to One of Our Experienced Attorneys Today!

At Lawyers Realty Group, our knowledgeable Attorney/Realtor will work with you to pursue the best course of action for your future. We understand how difficult this situation can be, which is why you can rely on us to provide the personalized attention and tailored solutions you need to obtain the most favorable outcome for your circumstances.

Reach out to Lawyers Realty Group today at (949) 264-0966 to schedule a consultation with our Attorney/Realtor to learn more about what we can do to help you.