What Can I Do When My CARES Act Mortgage Forbearance Runs Out?
Behind on Mortgage Payments? Sell Your House As-Is for CashThe COVID-19 pandemic has affected over 16 million households nationwide. In addition to the staggering death rate, many people have lost their jobs, businesses, and financial stability. Many people are on the verge of losing their homes. Fortunately, there are options for delaying mortgage payments. One such option is the CARES Act Mortgage Forbearance program. If you are behind on mortgage payments, you can delay payments for up to 360 days.
However, what happens when your program runs out and you must resume mortgage payments? This can be challenging financially if you are out of work or lost your business or recovering from the coronavirus. Plus, catching up on your payments is almost impossible if you are several months behind. You may be in a situation where you need to sell your house fast to avoid foreclosure, bankruptcy, or a short sale.
Understanding the CARES Act Mortgage Forbearance ProgramCurrently, 1.06 million homeowners are 30-days or more past due on mortgage payments. To help homeowners keep their homes, Congress recently enacted the Coronavirus, Aid, Relief, and Economic Security Act (CARES Act), which directs lenders holding federally-backed mortgages to suspend borrowers' payments for up to a maximum of 360 days if they have experienced financial hardship due to the Coronavirus outbreak.
The mortgage forbearance program allows you to delay your payments if you are unable to pay your mortgage. Remember that you will still have to catch up on your late payments with adjusted (and higher) mortgage payments once your program ends. Also, remember that the program ends on December 31, 2020. After the deadline, your mortgage payments resume.
What Happens When the Mortgage Period Ends?Once the mortgage forbearance period ends, your adjusted mortgage payments start again regardless of your current financial situation. So, if you still have not found a job or your finances have not improved, you may be in danger of losing your home. The bank will still come after you for the late payments, spread out and added to your current payments.
As it stands, there is no immediate relief from the coronavirus. This means that the economic outlook over the next six to 12 months does not look good. So, if your loan goes into default, you may be looking at the following possible outcomes: A bankruptcy or foreclosure can hurt your credit and keep you from buying another home for two to three years. Instead of attempting to keep your home, a better solution may be to sell your fast to a local home buyer in the DMV area.
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Sell Your House the Traditional Way May Not Stop ForeclosureThere are several options for avoiding foreclosure. Listing your house on the market and going through the realtor is not necessarily the best option. There are several reasons for this.
- You must have a budget to sell a house.
- You pay realtor commissions and closing costs.
- You may have to renovate or repair the house.
- There are no guarantees your house will sell before foreclosure.
How to Sell My House Fast in DMV
Step 1: Schedule a Visit with a Local House BuyerThe first step is to pick up the phone and call one of our local house investors in the Alexandria, Virginia area. Simply schedule a quick walkthrough of the property. There is no need to make any renovations, prepare the house to show, or even clean up. We are happy to view the property as-is.
Step 2: Let Us Make a Fast Cash OfferIf we decide we want to move forward with buying the property, we'll make a competitive cash offer based on a percentage of the house's value. We can negotiate a fair cash offer that puts money in your pocket and allows us to make a good investment.
Step 3: We Pay You CashDo you like the offer? Then schedule a closing date that works for you. We show up, sign the papers, and pay all closing costs and fees. You pay nothing. We can pay cash in as little as seven days after closing.
Sell Your House for Cash in DMVDo you live in Washington, D.C., Maryland, or Virginia? If so, contact Fortune Homes today. Sell your house fast for cash in the DMV and the surrounding area. We buy houses as-is in any condition. Call 202-918-9800 to schedule a quick, no-obligation visit with one of our local cash home buyers.
Our company purchases property as-is in the following areas:
|Vienna||Washington, D.C.||Arlington County|
|Fairfax County||Loudoun County||Montgomery County|
|Prince George's County||Prince William County|