Having Trouble Paying Mortgage During COVID?
Are you having trouble paying mortgage during covid? Or think you might have trouble with your mortgage in the upcoming months? Let’s dig in and find out what your options are.
There are so many fellow Americans who have been hit hard with the recent global pandemic. Some hit so hard that they have even lost loved ones. As a nation, we have never been brought more together than ever.
It’s estimated that 400,000 homeowners who qualified for government-backed mortgage forbearance programs did not take advantage of the benefits and are already behind on their mortgages.
As the new year approaches, the moratorium on government-backed mortgages ends. For most homeowners, this may be a daunting and scary situation but continue reading to learn how you may be able to benefit.
Mortgage Foreclosure Statistics Below
Serious delinquencies are now 1.8 million higher than pre-pandemic levels and are at their highest level since early 2010.According to The Washington Post
The quote above is from The Washington Post and it paints a disturbing picture. There is so much information regarding the current market trend in that article and you can read up about it in the link above.
When a homeowner falls behind on their payments they need to come up with a strategy to seek mortgage relief immediately so they can take care of their mortgage payment otherwise they risk falling into default.
Nationally, an average of 1 in 10 homeowners is behind on their mortgage payments. These homeowners are living life daily fearing the possibility of foreclosure and eviction. It is not a good feeling to be living a life that way.
On August 27, 2020, Freddie mac released an article on the extensions that would help homeowners with their mortgage payments. Fannie Mae also has announced to help homeowners with their monthly mortgage.
With the coronavirus pandemic, many homeowners are seeking the help of mortgage relief options and many believe that these current times we are living in are going to leave a severe impact on many people.
Many people that have federal housing loans who have lost their jobs may benefit from a good size lump sum of funds to catch up on their obligations they currently have. While many people lost their employment many people also seek other relief options.
The cares act was responsible for a $2.2 trillion dollar stimulus bill that helped many homeowners including business owners.
The year 2021 may find you among the mass of homeowners with properties that need to sell, which are sure to be flooding the market in the next several months. The real estate community calls this the “Foreclosure Tsunami“.
You can be ahead of the crowd by selling to a professional buyer before that stage is reached. Once that notice of default is filed and you receive that notice of Lis pendens it is a very big hill to climb up.
Before falling into that scenario please consider filling out this quick form below and receive a fair cash offer on your property before it is to late.
Time Is Working Against You
The more time that goes by without you making up a plan and actually executing will then create a more difficult time for you when you realize how deep in a situation you found yourself in.
You may find 2021 beginning with the ruination of your credit, the loss of any equity you’ve built in your property, and being forced to move. It is embarrassing enough when the neighbor’s witness you get evicted by the marshalls.
Without extreme measures ahead of the important deadlines, your lender communicates to you, your chance to pull out of the potential nightmare you may find yourself in down the road.
When you’re considering your option, it’s important to consider the advantages of selling to a professional cash home buyer now, with none of the last-minute surprises of inexperienced buyers who often end up failing to close.
Unlike traditional listings, you’ll have a guaranteed sale, a closing date you can rely on to avoid foreclosure while saving your credit and financial future.
Download our foreclosure guide below which is jam-packed with more information on the process and other helpful information that can help you right now.
Download Your Foreclosure Guide Below
Investing Your Money To Exit
If you’re having trouble paying your Tampa mortgage during COVID, and want to sell the traditional way with a realtor then you may have to present your house to many people up until the time you sell.
Unless your property is brand new or in superb condition, you will need to complete repairs on blatant issues, and possible renovations and upgrades to appliances or electrical systems, such as air conditioning.
Some of these repairs can add up to some serious money that you may not have laying around. On our Sell Your House page we have including some information on average costs for some home repairs before listing on the market.
Additional expenditures will also be required, going towards the advertising efforts necessary to make your home stand out.
A real estate agent would also likely include a staging strategy at your expense as well. Not only will you be facing all of these expenses, but you will also have to pay commissions and closing costs out of the profit, if any, from your sale.
When you’re already struggling to stay afloat, these costs may be impossible for you to afford.
The year 2021 may look much brighter for you by making the decision to sell to an experienced professional cash home buyer, you will know their offer will be for the house as is, and there won’t be any of these deductions from the price you’re offered.
Distress Of Homeownership
While it’s easy to quote statistics and gather data to clearly indicate the exact costs of going through all of the steps of foreclosure, calculating the emotional toll isn’t such an easy job.
There are so many other people going through similar situations and some even worse than others, but that is the sad reality of todays world living in this beautiful county.
Life during the pandemic has brought forth turbulence in society, which can be very unsettling. On top of this, knowing that the bank is contacting you about going into foreclosure can lead to many sleepless nights.
Owning a home is a big piece of the American dream, and to see it lost can be heartbreaking in and of itself. Listing your home in a traditional method, either with a real estate agent or selling it by owner, means an entirely new source of stress.
Not only this, your life is constantly interrupted by showings and you must live at all times as if a photographer for a magazine is on the way.
There is also the faint hope with every buyer that walks through the home, praying that this is the one that will solve your problems and give you financial relief.
This type of pressure can affect every member of a family and relationships not only at home but at work and in every other aspect of your life, which can be devastating.
If you’re having trouble with your Tampa mortgage during COVID, why not consider selling now to a professional cash home buyer?
Avoid all of the sleepless nights and headaches with other selling options, otherwise, 2021 may bring not only financial disaster but emotional exhaustion for you and those you love.
Having trouble paying your mortgage during COVID?
Without decisive action, you may lose your house in 2021 — why not avoid those impending foreclosure deadlines, spending more money just to sell the house, and lingering trauma to your family from the process, sell now instead to Ruben Buys Houses.
To learn more about us and what we can do for you, send us a message or give us a call today at 8772440276! or simply fill out the form below and receive a fair cash offer on your property.
Don’t forget to also download our stop foreclosure guide above and stay informed so you can be better equipped to make a better decision.