-Mortgage Solutions for Florida Homeowners-
Florida homeowners across the Greater Tampa Bay area are venturing back into society as communities rebound from closures and restrictions. Not bouncing back as quickly is economic stability. Fortunately, homeowners with financial hardships are finding mortgage help through forbearance programs and other payment deferral solutions.
5 Facts about Forbearance and Payment Deferrals
Many homeowners have experienced unemployment and other losses during the coronavirus pandemic, making it difficult to make timely mortgage payments. Owners with COVID-19 hardships who have mortgages backed by government-sponsored entities, such as Fannie Mae and Freddie Mac, are now being offered both short-term payment relief and forbearance programs.
According to DSNews.com, “Borrowers now have the ability to repay their missed payments at the time the home is sold, refinanced, or at maturity.” Click here to find out who owns or services your mortgage.
Here are five facts about the flexibility of forbearance programs:
- Forbearance is a means for borrowers to put a pause on mortgage payments.
- Borrowers in forbearance may defer or miss mortgage payments for up to 12 months.
- Generally, no penalties, no extra interest, and no late fees apply under forbearance.
- Payments do not have to be paid back all at once; instead, the missed payments can be added on to the end of the loan term.
- Gradual repayment plans or full repayment may also be options for borrowers not wanting to roll the missed payment costs onto the end of their mortgage.
Because each lender has different requirements and processes, owners who qualify should visit https://www.consumerfinance.gov for an in-depth guide on mortgage relief and also consult with their legal and financial advisors before making a decision. If forbearance or payment deferral solutions are not an option and you need to sell, our professional real estate team stays positioned to help sell your home for top dollar in today’s market.
Additionally, homeowners may also consider seeking the help of a mortgage loan officer for refinancing their current homes. Weigh long-term costs of 15- or 30-year loan refinancing, shop around for options, and ask about customizable terms. Talk openly with your mortgage expert about escrow, property taxes, insurance costs, lower payment options, and closing costs.
Tampa Bay Real Estate Recap
The coronavirus pandemic has impacted nearly every family and industry in Florida, including real estate and mortgage services. Clearly, the worst effects have fallen on current homeowners struggling with financial hardships.
Despite this, the outlook remains positive in many parts of the housing market around the Greater Tampa Bay area. Resale prices remain strong, technology now helps buyers safely view homes and close on their loans, new home construction is busy, interest rates are extremely low… and we are still here to help however you need.