Help still available for some struggling homeowners – NBC 6 South Florida
Across the country, millions of Americans facing financial hardship during the pandemic have found relief by delaying their mortgage payments.
âThe federal government and the mortgage industry have tried not to push anyone into foreclosure because of their issues with the coronavirus recession,â said Jeff Ostrowski, mortgage writer for Bankrate.com.
Ostrowski said if you’re still having trouble, you may be eligible for help.
âThe Federal Housing Administration has announced an extension for its borrowers, which is actually a good thing because FHA borrowers have had more problems during this recession than the rest of the US homeowner population,â he said. declared.
The new and expanded COVID-19 relief programs were announced by the FHA last month and they include up to six months of COVID-19 forbearance for borrowers requesting an initial deferral of payments between October 1, 2021 and the end of the national emergency. The program also includes an extension for senior homeowners with home equity conversion mortgages. You can read more about the programs here.
If you are having financial difficulty, you should always contact your lender immediately – don’t wait. Ostrowski says there’s a good chance your lender is willing to work with you.
If you’re strapped for options, he says you might want to consider selling your home to take advantage of record home prices.