{"id":1192,"date":"2020-10-15T14:12:20","date_gmt":"2020-10-15T14:12:20","guid":{"rendered":"https:\/\/phphouses.com\/blog\/?p=1192"},"modified":"2022-07-04T23:54:12","modified_gmt":"2022-07-04T23:54:12","slug":"need-know-forbearance-mortgage-relief-options","status":"publish","type":"post","link":"https:\/\/phphouses.com\/blog\/need-know-forbearance-mortgage-relief-options\/","title":{"rendered":"Do You Need to Know More about Forbearance and Mortgage Relief Options?"},"content":{"rendered":"
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Do You Need to Know More about Forbearance and Mortgage Relief Options?<\/p><\/div>\n

Earlier this year when the nation pressed pause on the economy and unemployment rates jumped up significantly, many homeowners were immediately concerned about being able to pay their mortgages, and understandably so. To assist in this challenging time, two\u00a0protection<\/a>\u00a0plans were put into place to help support those in need.<\/p>\n

First, there was a pause placed on initiating foreclosures for government-backed loans. This plan started on March 18, 2020, and it extends at least through December 31, 2020. Second, homeowners were able to obtain\u00a0forbearance<\/a>\u00a0for up to 180 days, followed by a potential extension for up to another 180 days. This way, there is a relief period in which homeowners have the opportunity to halt payments on their mortgages for up to one year.<\/p>\n

Not Everyone Understands Their Options<\/strong><\/h4>\n

The challenge, according to Matt Hulstein,\u00a0Staff Attorney<\/em>\u00a0at non-profit\u00a0Chicago Volunteer Legal Services,\u00a0<\/em>is,\u00a0\u201cA lot of homeowners aren\u2019t aware of this option.\u201d<\/strong><\/p>\n

There\u2019s definitely traction behind this statement. In a recent\u00a0survey<\/a>\u00a0by The\u00a0National Housing Resource Center<\/em>, housing counselors from across the country noted that many homeowners really don\u2019t know that there is help available. The following graph indicates the reasons why people who are in this challenging situation are not choosing to enter forbearance:<\/p>\n

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Why Some Homeowners Haven’t Opted for Forbearance<\/p><\/div>\n

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\n
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The\u00a0Urban Institute<\/em>\u00a0explained<\/a>:<\/p>\n

\u201c530,000 homeowners who became delinquent after the pandemic began did not take advantage of forbearance, despite being eligible to ask for the plan\u2026These responses reflect a need to provide better information to all homeowners. (Lump-sum payment is\u00a0<\/em>not the only repayment option<\/em><\/a>.)<\/em><\/p>\n

Additionally, 205,000 homeowners who did not extend their forbearance after its term ended in June or July became delinquent on their loans. We need to examine who these people are and why are they not extending their option.\u201d<\/em><\/p><\/blockquote>\n

Clearly, a more focused effort on education about forbearance and relief programs may make a big difference for many people, and a clear understanding of their options is mission-critical. Some communities, however, have been impacted by the economic challenges of the pandemic more so than others, further confirming the need to deliver education more widely. The\u00a0Urban Institute<\/em>\u00a0also indicates:<\/p>\n

\u201cBlack and Hispanic homeowners have been hit harder than white homeowners\u2026nearly 21 percent of both Black and Hispanic homeowners missed or deferred the previous month\u2019s mortgage payment, compared with 10 percent of white homeowners and about 13 percent of all homeowners with payments due.\u201d<\/em><\/p><\/blockquote>\n

Options Available<\/strong><\/h4>\n

It\u2019s important to note that any homeowner experiencing financial hardship has the right to request forbearance. If you\u2019re unfamiliar with the plans available,\u00a0contact your mortgage provider<\/strong>\u00a0(the company you send your mortgage payment to each month) to discuss your options. It is a necessary next step, as you may qualify for mortgage\u00a0relief options<\/a>\u00a0or\u00a0forbearance<\/a>.<\/p>\n

One option many homeowners may not realize they have is the ability to sell their house in this time of need. With the growing\u00a0equity<\/a>\u00a0that homeowners have available today, making a move might be the best option to protect your financial future.<\/p>\n

Bottom Line<\/strong><\/h3>\n

If you need additional information on your options, you can review the\u00a0Protect Your Investment<\/a>\u00a0guide from the\u00a0National Association of Realtors<\/em>\u00a0(NAR) and the\u00a0Homeowner\u2019s Guide to Success<\/a>\u00a0from the\u00a0Consumer Financial Protection Bureau<\/em>\u00a0(CFPB). For the majority of people, our home is the most important asset we have, and you should use all the help available right now to be able to preserve your investment.<\/p>\n<\/div>\n<\/div>\n<\/article>\n

 <\/p>\n

Contact us:<\/strong>
\nPHP Houses
\n142 W Lakeview Ave
\nUnit 1030
\nLake Mary, FL 32746
\nPh:\u00a0(407) 519-0719<\/span>
\nFax:\u00a0(407) 205-1951<\/span>
\nemail:\u00a0info@phphouses.com<\/p>\n

Let\u2019s Connect:<\/strong>
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\nTwitter<\/a>
\nInstagram<\/a><\/p>\n

THE INFORMATION PRESENTED IN THIS ARTICLE IS FOR EDUCATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSIDERED LEGAL, FINANCIAL, OR AS ANY OTHER TYPE OF ADVICE.<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"

Housing counselors from across the country noted that many homeowners really don\u2019t know that there is help available. Finish Reading Do You Need to Know More about Forbearance and Mortgage Relief Options?<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[69],"tags":[123,125,265,167,231,18,49,42,263,30,264,262,63,12,13,54,19,17],"_links":{"self":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1192"}],"collection":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/comments?post=1192"}],"version-history":[{"count":1,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1192\/revisions"}],"predecessor-version":[{"id":1195,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1192\/revisions\/1195"}],"wp:attachment":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/media?parent=1192"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/categories?post=1192"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/tags?post=1192"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}