Foreclosure Consultancy
Foreclosure Consultancy Group In California
If you have questions about saving your home from foreclosure, or getting a forbearance, our Surplus Funds team can help you. You can trust us to give you what you need, fast. We make sure you feel confident and educated, every step of the way.
Forbearance is a temporary postponement of mortgage payments. Get repayment relief granted by the lender or creditor in lieu of forcing a property into foreclosure. Loan owners and loan insurers may be willing to negotiate forbearance options because the losses generated by property foreclosure typically fall on them.
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- The borrower must demonstrate the cause for repayment postponement, such as financial difficulties associated with a major illness or the loss of a job.
- Fannie Mae is offering assistance for homeowners with a Fannie Mae-owned mortgage who are affected by COVID-19, the illness caused by the new coronavirus.
If you are struggling to make your mortgage payments, you’re not alone. According to RealtyTrac, 1 in every 2,253 homes is in foreclosure. In New Jersey, it’s 1 in every 1,043 homes; in California, it’s 1 in every 1,503 homes and with the novel coronavirus pandemic leading to rising levels of unemployment and income loss, you may feel that you’re also on the fast track to becoming another foreclosure statistic. Know that the federal government is suspending all evictions and foreclosures until the end of April. And if your mortgage payment issues are related to COVID-19, both Fannie Mae and Freddie Mac, which together guarantee more than two-thirds of all mortgages, are offering assistance to those financially struggling due to the fallout of the virus.
Whether your trouble meeting your mortgage payments is coronavirus-related or not, the first thing to do is to call your loan provider. If you can, try doing this before missing payments, as this will keep the largest number of options available to you. Here, experts lay out different options for when you’re struggling to pay on time.
Key Takeaways
- Both Fannie Mae and Freddie Mac are offering assistance to those financially struggling to make mortgage payments due to COVID-19.
- Whether it's related to the coronavirus pandemic or not, if you can't make your mortgage payments, the first step is to contact your attorney. If you don't have one call us.
- Many options exist for altering your loan repayment to make the monthly payments more affordable.
