Considering the COVID-19 situation in America and all of the unknowns surrounding the future, it’s perfectly normal to feel anxious – especially about your finances. However, try your best not to panic. If you’re struggling to make your mortgage payment during COVID-19, keep the following information and tips in mind:
- Contact your Mortgage Loan Officer First – They can direct you or give you additional copies of your mortgage documentation so you know who owns your mortgage.
- Once you know who owns your loan, work with your servicer to see if there are any mortgage relief programs available to you.
- Understand that there are multiple mortgage relief or assistance programs out there, but their eligibility requirements vary.
- Know that even if you do qualify for COVID-19 assistance programs, they are not automatic. You must meet manually enroll in a mortgage relief program.
- If you qualify for a program, discuss the details with your servicer and understand them fully before enrolling. It’s important to receive signed and written documentation as well, because each program is different and has different rules.
For example, some programs offer delayed loan service (which means your loan payments are postponed), while others offer a loan forbearance (which means your loan payments are reduced). Some programs require that you pay the entire lump sum of your skipped payments at the end of your forbearance period, while others may add the payments you missed to the end of your mortgage term. However, keep in mind that regardless of what program you enter, it won’t erase what you owe and it also won’t stop your interest from accruing.
- Be on the lookout for mortgage relief scams – They could include (but aren’t limited to) fraudulent calls, emails, text messages, and other offers. Don’t give anyone your social security number, bank account information, credit card information, or any other personal info.
This is a stressful time for everyone, but you can get through it. If you’re interested in additional mortgage relief resources, check out the following links:
- www.youtube.com/watch?v=br5EPugsnLs (recommended watch!)
Please let me know if you have any additional questions or would like to discuss your options.