Has the pandemic made your financial situation worse? If you are in search of mortgage relief, we may be able to help. Please keep reading to learn more, then give us a call to see how our lawyers can give you the assistance you need to get back on your feet.
Temporarily Reduce or Pause Payments on Your Mortgage
If your finances are not doing well right now, we can explore the possibility of mortgage relief by pausing your payments for a period of time or by temporarily reducing your payments. This is a temporary solution while you can your finances back in order.
This will have to be through your mortgage provider.
If you lost your job because of the pandemic, for example, you simply need to tell your lender that specifically because of the COVID-19 pandemic, you are struggling with your finances and need to have a reduced payment or to temporarily pause your payments.
Most loan servicers are not going to penalize you with extra fees or extra interest if you opt to pause or reduce your mortgage payments. You also do not need to fill out any documents for them to be able to do this.
Please note that this form of mortgage relief does not mean that you never have to pay back what they are pausing or reducing. This is simply buying you time to help you get to a place where you can return to regular mortgage payments. You will owe that money back still. Sometimes you will pay it back when you sell the house. We can help you better understand this process.
Are You Eligible for Forbearance?
If you are looking to get pandemic-related forbearance, you will be eligible if you have gone through financial hardship directly related to the pandemic such as losing your job or the death of the breadwinner due to COVID illness. Also, for this particular mortgage relief, your loan must be federally backed.
If you are not sure whether or not your loan is federally backed, please do not hesitate to reach out to us. We can help you figure that out and also come up with alternative options if you do not have a federally backed loan.
How Long Does This Last?
Your forbearance can last for up to six months initially. We can help you if you need more time than that. Extensions have been granted to those who need it. Sometimes they can be extended for as long as 12 – 18 months depending on your financial situation. Mortgage relief is not one size fits all.
Your covid related forbearance could be anywhere from three to 18 months based on your mortgage lender and your financial hardships.
Call our Florida Foreclosure Defense Lawyers Today
If you are struggling to pay your mortgage due to the pandemic, we want to help. Please do not hesitate to reach out to us right away. Do not wait until you are about to lose your home. Please don’t wait to call us right away.