What happens when CARES Act mortgage provisions expire?

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CARES Act mortgage provisions expire
The pandemic has made it a rough financial year for so many. Fortunately, the CARES Act provided financial relief for those who lost income due to locked-down businesses and job furloughs. lf the pandemic left you struggling to pay your mortgage, federal and state programs provided several solutions.

  • Mortgage Forbearance: FHA, VA, USDA, Fannie Mae, and Freddie Mac loan servicers granted up to 360 days forbearance for homeowners with COVID-19 related financial problems.
  • Foreclosure Moratorium: Courts issued stays on foreclosure proceedings, evictions, and sales.
  • Temporary Mortgage Assistance: Connecticut launched a program for those who weren’t eligible for federal mortgage forbearance.
  • Credit Protection: Mortgage servicers who agreed to forbearance or modified payment arrangements couldn’t report adverse credit information.

    • What happens when CARES Act mortgage provisions expire?

    Some of these emergency homeowners’ supports have been extended to December 31, 2020, but they are still temporary. You must eventually pay back the deferred sums. Although, in some cases, your loan service company will add them to the back-end of your mortgage. After the Cares Act mortgage provisions expire in December, you must resume regular mortgage payments or risk possible foreclosure.

    This is doable if you’re back to work full-time or your business has recovered from the COVID-19 lockdown. Getting back to a regular payment schedule might be more difficult if you haven’t regained your income. You’ll need to consider other options before CARES Act mortgage provisions expire.

    Selling your home is one solution

    If your income hasn’t recovered to its pre-pandemic level, selling your home might be your best option for avoiding foreclosure. You’ll completely eliminate your mortgage payments. You’ll also avoid the wave of debt that’s destined to arrive after CARES Act mortgage provisions expire.

    Traditional real estate marketing isn’t the best option if you need to sell your home fast. You’ll have to repair and upgrade your home. Then you’ll have to list it, host open houses, and wait for the offers to come in.

    We offer a simpler, faster home-selling option

    At Next Level Home Buyers, we have a solution for those who prefer to avoid traditional real estate marketing complications. We’ve worked with many homeowners who simply wanted to sell their homes and get on with their lives. We buy homes with our Fast & Fair homebuying process.

    • We evaluate your home.
    • We make you an offer.
    • You accept.
    • We close in a few as 7 days

      • Sell your home before CARES Act mortgage provisions expire

      Contact Next Level Home Buyers if you want to sell your home before CARES Act mortgage provisions expire. Give us a call at 860-368-0343 or complete our contact form. We’ll tell you more about our Fair & Fast home buying process.

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      We buy houses in ANY CONDITION in Connecticut. There are no commissions or fees and no obligation whatsoever. Start by giving us a bit of information about your property, or call 860-368-0343.

      WE BUY HOUSES IN ANY SITUATION:

      • Trouble Selling
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      • Listing Expired
       
      • Death of a loved one
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      • Inherited property
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      • Extensive repairs
       
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      • Relocation
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      • Divorce
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      • Code Violations
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      • Ugly House
      • Environmental Issues
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      • Hoarders
      • And More

      Need To Sell Your Home Fast? Expensive Holding Costs?

       

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      At Next Level Home Buyers, we buy homes regardless of the condition. If you can’t wait months to sell your home and you don’t want pay a huge real estate commission, complete the information form below or call us at 860-368-0343.

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