Nationwide, millions of Americans facing financial hardship during the pandemic found relief by deferring their mortgage payments.
“The federal government and the mortgage industry have been trying real heard not to push anybody into foreclosure because of their problems from the coronavirus recession,” said Jeff Ostrowski, a mortgage writer for Bankrate.com.
Ostrowski said if you’re still struggling, you may qualify for help.
“The Federal Housing Administration announced an extension for its borrowers, which is actually a good thing because FHA borrowers have been in more trouble through this recession than the rest of the American homeowning population,” he said.
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The new and extended COVID-19 relief programs were announced by the FHA last month and they include up to six months of COVID-19 forbearance for borrowers requesting an initial deferral of payments between Oct. 1, 2021, and the end of the national emergency. The program also includes an extension for senior homeowners with Home Equity Conversion Mortgages. You can read more about the programs here.
If you’re going through financial hardship, you should always reach out to your lender right away – don’t wait. Ostrowski says there’s a good chance your lender will be willing to work with you.
If you’ve run out of options, he says you may want to consider selling your home to take advantage of record-high home prices.
