Mortgage Payments: Not All Will be Forgiven

Amidst the voluntary isolations, business closings, telecommuting and other substantial changes we are undergoing as a society, many have been panicking about how to pay their bills and especially, how to pay their mortgage. 

In the United States, FHA, Fannie Mae and Freddie Mac have ordered lenders to be flexible if workers have lost income.  That means you will need to demonstrate a change in come in order to receive this benefit.  If you are one of the other half of the nation who does NOT have a loan through FHA, Fannie Mae or Freddie Mac, there is no order at this time giving you mortgage forgiveness, though other lenders are expected to follow suit.  If you were already in hardship, the business slowdown may push you into default, and a $1,200 check from the government will not fix that. 

Foreclosure is a real possibility despite all the chatter about a year to skip payments, and if you are old enough to remember the financial crisis of 2008 and the loan modification problems that followed, you will remember that no solution fits everyone.  If you are facing foreclosure, you can get representation without even leaving your home.  You can talk to an attorney by phone or video conference.  Find out what your options may be to protect your home from foreclosure at