Recently, Boleman Law’s Matt Hahne appeared on 3WKTR’s Coast Live segment to talk about the importance of understanding the foreclosure moratorium and its expiration date.
Hahne mentioned that about 8.2 million people in the US are currently behind on their mortgages. To alleviate the financial stressors of the COVID-19 pandemic a foreclosure moratorium was issued and extended through the COVID-19 pandemic by the President, which is scheduled to expire on June 30th, 2021. It applies to government-backed mortgages and states that no mortgages can be foreclosed on until further notice. Government mortgages are 50 percent of all mortgages.
Many homeowners signed a forbearance agreement that allowed them to not pay their mortgage for 180 days, or longer with extensions. However, eventually, the mortgages need to be paid and the fees caught up. As we return to a new normal, lenders slowly are starting to send letters to people demanding payment. Homeowners should keep an open line of communication with their mortgage lender in order to make payment arrangements.
Hahne said that Boleman Law can help you make payment arrangements with your mortgage lender and offers free consultations to help you assess your situation. Further, due to COVID-19 awareness, Boleman Law offers free virtual and phone consultations.
If you are worried about your financial health, please schedule an appointment with Boleman Law today.