The COVID-19 pandemic has ravaged the world, leaving people in much different circumstances than they were prior to the pandemic. On top of that, many processes have changed as a result of the extreme shifts in the economy, including mortgages and foreclosure protection options for homeowners. While there are federal options to help with finances, there are also state assistance programs. If you face foreclosure, when you hire an experienced foreclosure attorney, they should make you aware of all your options.
There are specific programs that offer foreclosure protection and eviction protection for those who reside in Florida. The state of Florida established the OUR program for emergency rental assistance; federal funds support it. This program helps those who qualify for rental aid for up to 15 months and can even go towards utility payments in some cases.
There is also an assistance program for homeowners. With this program, homeowners are allowed to ask their mortgage lenders about their refinancing options. In other cases, income can play a role in qualifying for assistance through the Weatherization Assistance Program, Community Services Block Grant, and the Low-Income Home Energy Assistance program.
As you may have heard, one foreclosure protection program was the foreclosure moratorium. This was a temporary remedy, and this option has expired in most cases. This does not mean you do not have any choices left. One option is COVID-19 forbearances, where homeowners with federally backed mortgages can get a mortgage forbearance, where you are able to pause or lower your payments. You may qualify if you can affirm a financial hardship caused by COVID-19. There may be other protections as well, depending on your loan company and loan type.
Federal Housing Administration (FHA) home loan moratoriums were extended up until September 30 of 2021. This gave homeowners additional time to find options and resolve debts. It was intended for single-family loans and reverse mortgages. Since this option has expired, many homeowners are looking for alternatives.
Before getting to foreclosure, there are some other options worth exploring. One of these options is the Making Home Affordable (MHA) program which offers free counselors and assistance on keeping your home. States do have individual programs to avoid foreclosure, but you should be cautious as there are foreclosure scams all around, especially since many people feel desperate when facing financial issues and seem like easy targets. However, a foreclosure attorney can guide you and find other options if foreclosure protection is not feasible in your particular circumstance.
The first place to look when facing foreclosure is mortgage refinancing. This process involves paying off the existing mortgage and taking out a new mortgage under new terms. This can also mean that your interest rates are lowered or the mortgage timeline is extended.
One of the keys to avoiding foreclosure is to communicate with your lender. The moment you begin to face financial trouble, you will need to let your lender know. They may be able to develop a plan that works for both of you. If you receive a foreclosure letter, you will need to contact the Law Offices of Emil Fleysher.
We have been working on foreclosure cases for over a decade and will be able to look at all of your options. We may even be able to build a legal defense against mortgage foreclosures. You may have more options than you initially thought. Contact the Law Offices of Emil Fleysher, P.A. or call us at 888-886-0020 today. You won’t have to endure the process alone when you work with our office of seasoned experts.