Due to the active outbreak of Coronavirus, many homeowners are facing financial difficulties altogether with losing their income. Many businesses that were categorized as non-essential were closed which is how many people are left without a source of income. In the spirit of understanding the hardships of the outbreak of COVID-19, loan services could suspend mortgage payments for homeowners up to 12 months. Who qualifies for delaying mortgage payments? How can you have your mortgage delayed during Coronavirus?
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Loan Services to Delay Mortgage Payments for Homeowners Due to COVID-19
The last time a similar financial turmoil took place was during the last recession. At the time, many people couldn’t pay their mortgage rates on time, which affected their credit scores as a result. As some of the enterprises dealing with loans claim, homeowners should be able to delay their mortgage payments up to a year. There shouldn’t be additional interest rates, while loan users won’t be reported to the credit agencies.
Who Qualifies for the Mortgage Delay during Coronavirus?
Loan services and government-backed enterprises dealing with loans have also delayed foreclosure and evictions in the next two months. Homeowners who would like to delay their mortgage payments don’t have to be infected with the virus. Anyone in need of the delay can contact their loan service provider and ask about delaying the mortgage. The loaners will then decide whether it is possible to extend the contract and modify the mortgage. That means that homeowners interested in delaying their mortgage need to contact their loaners by themselves in case they are struggling financially. Fannie Mae, an enterprise backed by the government dealing with loans, encourages homeowners to seek assistance with their mortgage as soon as possible in case their income has been affected by the Coronavirus outbreak. Â
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