February 23, 2024

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“I’m Having Difficulties Paying My Mortgage and Need Help” Understand Your Choices

Difficulties Paying My Mortgage Need Help

The inability to pay your mortgage can be stressful and lead to complications, including foreclosure. If you are having such difficulties, there may be services available to help you.

What if I am Facing Difficulties Paying My Mortgage and Need Help?

If you have a loan or a mortgage with a bank or another lender and are experiencing “Difficulties Paying My Mortgage Need Help” situation, contact your bank or lender as soon as possible. They may have a short-term option, such as forbearance, that can provide you with instant respite. When a bank or other lender grants you forbearance, you can postpone loan installments, temporarily cut your payments, or extend the term of your loan. Forbearance is not granted automatically; you must take action and request it. Your bank or lender may be able to provide you with the time you require to recover financially without negatively impacting your credit.

Millions of homeowners fell behind on their mortgages and other housing-related payments as a result of COVID-19. The Homeowner Assistance Fund (HAF) is a new federal initiative that can assist qualifying consumers in catching up on past-due expenses while remaining in their homes.

Many States Are Exploring Various Mortgage Relief Alternatives

The housing finance agency in the vast majority of states administers this program (HFA). States will administer almost $10 billion in total, subject to Treasury Department guidance, which is available on the HAF program website. Many states have enacted or are exploring various mortgage relief alternatives, so visit your state’s government website for more information.

If you are already under forbearance under the CARES Act and are still experiencing financial difficulties, you may be eligible to request or secure an extension. Nevertheless, extensions are not granted automatically; you must take action and request one.

Check to see if your loan was sold to Fannie Mae or Freddie Mac, or if it was backed by one of the federal government’s programs or organizations. If this is the case, you may be able to do the following:

You May be Eligible for Extensions

If your loan is owned by Fannie Mae or Freddie Mac, you may be eligible for two further three-month forbearance extensions, for a total of 18 months. The loan must have been in an active forbearance plan as of February 28, 2021 to be eligible. Discuss your choices with your loan servicer.

If you requested a forbearance plan on or before June 30, 2020, and your loan is backed by the Department of Housing and Urban Development (HUD)/Federal Housing Administration (FHA), the United States Department of Agriculture (USDA), or the Veterans Administration (VA), you may be eligible for up to two additional three-month extensions, for a total of 18 months of total forbearance. Check with your loan servicer to see what choices are available.

Even if your loan is not held by Fannie Mae or Freddie Mac or is not guaranteed by a federal government program, your loan servicer may be able to offer mortgage relief choices, so be sure to inquire.

Keep an eye out for Scams.

A HUD-approved housing counseling service can assist you in determining which available options may be the best fit for you. You are not required to pay anyone to assist you in avoiding foreclosure. Your servicer or a HUD-approved housing counseling agency can provide you with the assistance you require at no cost.

Scammers may claim to save your home from foreclosure when all they’re doing is collecting your money.

Just one thing for sure is if you are in a situation like this and often find yourself saying I am Facing Difficulties Paying My Mortgage Need Help then we at “GVC Property Solutions” are here to help you and let you know about all your solutions.

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