COVID-19 is a powerful virus that completely changed the state of the world as we knew it. It’s been over two years since we first learned about this potent virus, and even though most of us are relaxing our protocols, COVID has still managed to successfully flip the economy on its back.
One area where the populace was severely hurt was in the mortgage department. With many people out of a job, it was impossible for most to pay off loans. Thankfully, several mortgage companies offered mortgage forbearance to help those in need reduce or put off their payments until a later time.
That said, most COVID mortgage forbearance policies are coming to an end. Is your forbearance about to end? Find out what to do when your mortgage forbearance ends by reading this article!
Mortgage forbearance is certainly a great help during the COVID pandemic and can ease the stress of paying large bills when you don’t have the cash at the time. However, the problems can quickly return at the end of the forbearance, especially if you don’t have a plan for when payment restarts.
Since there are both government mortgages and private mortgages, there are different ways that mortgages are handled after the end of a forbearance. In the case of government home loans, you’ll most likely be able to pick up where you left off before you requested the forbearance. In some cases, you may even be able to ask for reduced payments.
However, with private companies, the mortgage lenders have the power to determine how much you must pay once the payments resume. This means that private lenders may charge more on average in comparison. Some companies may even attempt to charge you the entire withheld amount along with interest.
No matter what the outcome of your repayment might be, you’ll want to make sure it’s taken care of in a legal manner and that payments are handled as quickly and efficiently as possible.
Now that you know what happens at the end of a mortgage forbearance, you’ll be better able to prepare yourself when your forbearance comes to a close. However, you’ll want to make sure you don’t go it alone. Finding a lawyer is the the best plan of action to make sure you get what you deserve.
The Estavillo Law Group places its focus on handling real estate and foreclosure issues, making us the experts that you need to take care of your challenges. We know what it takes to get you back on your feet, and we’ll help you with your needs by putting the power of the law on your side.
Ready to work with us? Take some time to check out our site and see what we have to offer and be sure to contact us when you’re ready for us to go to work on your case. We’ll be here to fight for you!