If the pandemic has made it so that you can’t pay your mortgage, you’re not alone. 2020 has been wild, and COVID-19 has wreaked havoc on the economy.
Financial downturns and layoffs are happening left and right, and every individual in the country (and even the world) has been affected in some way or another. Whether you’ve lost your job or have suffered other financial hardships this year, figuring out how to pay the mortgage on your Metro Atlanta home during this time can be difficult. The good news is, there are options for relief.
In March 2020, the federal government passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act that provides relief for all federally backed mortgages through December 2020 (and maybe longer). Under this Act, lenders and loan servicers may not foreclosure on homes for nonpayment. Additionally, you are entitled to request and obtain forbearance due to financial hardship for 180 days. Forbearance is when your mortgage lender allows you to pause or reduce mortgage payments during a period of financial hardship. During forbearance the interest will continue to accrue as normal, but no additional fees or interest will be incurred. To learn more about how the CARES Act can help you, consult the Consumer Financial Protection Bureau.
Call Your Private Lender
Although the CARES Act applies only to federally backed loans, many private lenders are taking steps to help their patrons during COVID-19. If your mortgage is held by a private lender, the best option is to give them a call to discuss your options. When you call, it’s a good idea to have the following information readily available:
- Your loan number
- A statement of why you are unable to pay your loan
- A rough estimate of how long you expect to be under financial hardship
- Details about your financial situation including cash in bank, assets, income and expenses
Remember, you don’t have to wait until you’ve already missed payments to call. The sooner you call to work out a plan with your lender, the better for your credit and financial situation as a whole.
Sell Your Home to Patriot Home Buyers
If loan forbearance or the CARES Act aren’t providing the financial relief you need, Patriot Home Buyers may be able to help. We can buy your Metro Atlanta, Georgia, home for cash. We offer quick closing, fair prices and the convenience of buying your home as-is with no need for costly repairs.
COVID-19 has brought a lot of fears and uncertainties, but losing your home shouldn’t be one of them. Patriot Home Buyers is here to help. It’s as easy as contacting us, getting an offer and then getting paid with the cash you need now. There’s no need to continue stressing if you can’t pay your mortgage. Simply fill out this form or give us a call and get started today!