For many, a home is the largest purchase they’ll ever make in their lives. Many people spend years working and saving to purchase a home. Losing a home due to financial hardship is devastating especially for people who spend their lives creating great memories in them.
The current COVID-19 pandemic undoubtedly is causing financial hardship for millions of Americans today. Many homeowners who suffered job loss, shortened working hours, or furlough from work are in fear of losing something they’ve worked incredibly hard for – their home.
Thankfully, we’re seeing mortgage lenders, federal associations, and the financial industry working together to help people cope with new financial difficulties brought on by COVID-19.
Several efforts have been made to help homeowners from losing their homes from foreclosures and evictions. Fannie Mae, Freddie Mac, and HUD Halt Foreclosures and Evictions in response to COVID-19 crisis. Similarly, the recent enactment of the Coronavirus Aid, Relief, and Economic Security Act has made it possible for some facing eviction or foreclosure to honor their financial obligations and allows others to avoid ejectment.
In South Carolina, judicial proceedings concerning evictions and foreclosures has been rescheduled twice. All evictions currently ordered and scheduled statewide will resume in mid-May. These are unprecedented times and we are seeing lenders and consumers engage in equally unprecedented ways as we move to overcome the challenges we’re all facing.
If you are concerned you may miss a mortgage payment, the first and best move you can make to protect your home and your financial health is to contact your mortgage lender as soon as possible. Your lender can offer you options for navigating these unusual circumstances.
There are programs or options available to you if you are facing financial hardship due to the COVID-19 crisis. These programs are discussed in detail in this booklet. Get your free copy today and we hope you will find this information useful. Remember, there are options and alternatives to foreclosure. Do not assume that your situation is hopeless.