Warning: Undefined variable $custom_content in /home4/comcompare/public_html/mortgagenews/wp-content/plugins/code-snippets/php/snippet-ops.php(582) : eval()'d code on line 10
Thousands of families are dealing with new hardships during the pandemic, right from having the trouble to put food on the table, to the fear of losing their home COVID-19 has created turbulence in millions of lives.
But to alleviate some of those worries there are programs that have also started.
According to the Minnesota Department of Commerce, during the pandemic, more than 10,000 families have missed at least one mortgage payment.
Max Zappia, deputy commissioner for financial institutions with the Minnesota Department of Commerce said, that they were worried and concerned for the thousands of Minnesotans who may be lagging behind on their mortgage because of the pandemic.
so they are encouraging people in that situation to contact their mortgage servicer and look for options of relief they might have available to them.
Mortgage forbearance is available to many because of the federal CARES Act.
To qualify, loans need to be federally backed and payments could be lowered or stopped for another 180 days. Foreclosure protections are also available to help you keep your home.
You could work out a payment plan with your mortgage servicer for that. Though you need not pay additional interest or fees for the paused payments they’ll eventually need to be paid back.
These above-mentioned reliefs plan to lessen your burden does not happen automatically, you need to apply for it and get approved for the same. Ignoring a problem, will not make it disappear.
Reference Source: KSTP.com
