We are going through difficult times. Sometimes, even if you are disciplined and responsible, there are factors that change the course of things. COVID-19 is an external factor out of your control. If you lost your job, are being furloughed, had reduced working hours, etc. If you stopped making payments on your mortgage here is a summary of free resources, you can utilize.

1.First, speak with the bank you pay the mortgage to, they have been offering forbearance to homeowners in need during this time. If they are asking questions you do not understand, reach out to the lender who issued your mortgage loan, he or she may be able to assist you.

2. Any agreement you work out with the mortgage institution, make sure they put it in writing. Read it closely to understand and agree or disagree. Original loan officer could be of assistance as well to understand the terms.

3. Follow the agreement and, at the end of the forbearance term (typically 6 months), take the steps they recommended. Usually, it is to repay the 6 months at once plus the regular monthly payments. Banks are also, in some cases, deferring the 6 months or adding them to the loan balance. Every case can be different, that’s why good communication and understanding the terms is key.

4. If you feel your situation will not improve soon and you need to start thinking about selling before facing foreclosure or a big part of your equity disappearing by paying late fees, late payments, attorney fees, etc., call our team, we will guide you on how to maximize gains by selling and by staying on your home longer before and after closing. This way, securing the money you have worked hard for and making the transition to a new place smoothly.