Mortgage Relief Options During COVID-19

Mortgage Relief Options During COVID-19Since the beginning of the coronavirus pandemic, countless individuals have been faced with unprecedented financial problems and are struggling to make ends meet. Maybe you were laid off from your job, or you own a rental property and your tenants have been unable to pay their rent. Perhaps you were counting on your stimulus check and have not yet received it, or maybe your investments took a significant blow. If you’re unable to pay your mortgage during this tumultuous time, you’ll be glad to know that there are numerous mortgage relief programs in place to help homeowners like you.

Foreclosure Moratoriums

Shortly after the COVID-19 crisis began, the federal government enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which in part restricted federal loan servicers from initiating foreclosures until mid-May. Although this deadline has since passed, many state governments have extended their own foreclosure moratoriums. Florida, for instance, extended its suspension on foreclosures and evictions from May 17 until June 2. You’ll need to check the applicable laws in your state to determine whether you’re protected from foreclosure during this time.

Loan Forbearance

In addition to implementing a moratorium on foreclosures, the federal CARES Act also provided homeowners with the option to request additional forbearance on federally backed mortgages if they experienced financial hardship due to the pandemic. Homeowners can request forbearance for up to 12 months (consisting of an initial period of up to 180 days plus an extension of up to another 180 days). To take advantage of this relief, you’ll need to contact your loan servicer and explain that the pandemic caused you to experience financial hardship. You won’t need to submit any documentation as proof of this hardship.

Personalized Financial Coaching

If you have a loan that’s owned by Fannie Mae, you may qualify for personalized financial coaching through the Fannie Mae Disaster Response Network™. HUD-approved housing counselors can assist homeowners by performing needs assessments, developing customized recovery plans, and helping them request relief from various sources.

Additional Mortgage Relief Options

Once any applicable forbearance period is over, you’ll need to start paying your mortgage once again. If you don’t anticipate being able to do this, you might want to consider contacting your mortgage servicer to ask whether they have any other options available. Many lenders are willing to work with homeowners to develop longer-term solutions to help avoid foreclosure.

Foreclosure Defense Attorneys Representing Clients in Tampa Bay

If you need help navigating the mortgage relief options discussed above, you can turn to The Lyons Law Group, P.A., a full-service real estate law firm that serves clients in Pasco and Hernando Counties. We understand what you’re going through, and we’ve made a point to stay abreast of the latest developments so that we can provide our clients with the best possible service. Contact us today to schedule a consultation with one of our skilled attorneys—we have offices in New Port Richey and Spring Hill, and we’d be happy to meet at whichever location is most convenient for you.

June 15, 2020

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