What to do if you can’t make your house payment due to Covid-19-loss-of-income...
With predictions from the Federal Reserve that unemployment in the US could hit 30%, mortgage companies have begun to offer help. Freddie Mac and Fannie Mae have ordered providers to give help by offering “mortgage forbearance” for up to one year.
What that means is that there will be a 12-month halt on mortgage payments, as well as penalties and late fees. Also negative reporting to the credit bureaus will halt.
Right now only loans backed by Freddie Mac and Fannie Mae receive this benefit. However, many other lenders are moving in this direction daily. You must have had a decline in your income to qualify. Check with your lender.
Remember that until September 30 you can suspend federal student loans under the new CARES Act. Interest charges for these same loans are also suspended for the same time period. This is retroactive to March 13, 2020. If you can make your payment at this time the entire amount will count toward the principal of the balance.
Many lenders are offering relief for individuals with HELOC and personal loans. Contact your lender.
Projections in the Nashville Real Estate market are that more than 3000 REALTORS will leave the profession. The Ann Buchanan Team has the stability to be with you all the way through this pandemic.