Millions of jobs have been slashed since early this year and it continues to happen. In fact, one of the major employers in the United States – Disney, is letting go 28,000 workers after keeping tens of thousands of theme park workers on furlough with full health-care benefits during the height of the pandemic.
As homeowners continue to face financial hardship due to the pandemic, there are two simple things a homeowner could do to keep their home.
- Forbearance Request Extension
- Analytics Before Foreclosure
Through the CARES Act, homeowners were able to avail of forbearance during the pandemic, however these forbearance plans are time limited, meaning they do have an expiration date. By then, homeowners would either pay a lump sum for their mortgage or start paying their monthly mortgage with the past months added on top.
Federal Housing Administration (FHA) and Department of Housing and Urban Development (HUD) announces that single-family homeowners with FHA-insured mortgages can request from their mortgage servicer an extension of their forbearance plans.
The first wave of forbearance plans are set to expire by October 30, 2020 but they may now request for an extension until the end of December this year.
“No American should fear losing a home in the midst of this pandemic.
