Recently, Boleman Law’s Kathryn Shaw appeared on 3WKTR’s Coast Live segment to talk about various options available to homeowners who are struggling to pay their mortgage as COVID19 forbearance restrictions end.
Shaw said that as government restrictions are ending on forbearance, mortgage companies are starting foreclosure proceedings and homeowners are left with the burden to catch up. Some homeowners may be behind twelve to eighteen months on their mortgage and are now wondering what they can do to save their homes.
While some homeowners are getting help from their mortgage company, others are struggling to find options like loan modifications and deferments. Shaw continued stating that the increase in equity and the housing market ticking upward, are contributing factors to foreclosure proceedings starting in an effort for the lending company to recoup their losses.
Shaw said that homeowners should contact their mortgage company to find out what options are available to them. Further, HUD counselors can assist owners with this process. Additionally, the Virginia Mortgage Relief Program is available to homeowners and they can contact their local government to find out what options it offers.
Lastly, Shaw said filing bankruptcy is an option in stopping foreclosure proceedings and giving you another option to get back on your feet.
If you are worried about your mortgage and its effects on your financial health, please schedule an appointment with Boleman Law today.