Blog :: 04-2020

Mortgage Help: Fannie and Forbearance

Mortgage Help: Fannie Mae and Forbearance

 

There is no denying that the slowdown / shutdown from COVID-19 is goinig to have very real impacts on people's finances. Loss of income and drawing down of savings may make it challenging for some to make their mortgage payments. And for others, who are at risk for foreclosure, the fears can be even greater right now.

 

Here's a link to Fannie's website with the hows and whats of mortgage forbearance.

 

Fannie Mae has made it possible to get some help with paying your mortgage. No, they won't pay it for you, but you may be able to postpone payments for up to 12 months. You actually have to be proactive to use this resource.

 

Here's a link to more information and directions on what you need to do.

 

The gist is that if, due to economic hardships related to COVID-19, you may be able to delay making mortgage payments, and that might really take a lot of stress out of an otherwise stressful time.

 

Have further questions? Feel free to contact us via email at info@GreenLight-RealEstate.com or via phone at 802-225-6425.

 

From all of us at Green Light Real Estate,

be well, stay safe, and take care of those around you.

We're getting through this together.

 

Follow us on Facebook, Instagram or check out our listings on www.GreenLight-RealEstate.com

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    COVID-19 and Foreclosures

    COVID-19 and Foreclosures

     

    It's always been true that one of the leading causes of foreclosure is getting sick. Another leading cause is losing one's job. 

     

    Combining a pandemic with an economic shutdown can cause massive strain on a family's financial position. And adding the fear of losing your house to foreclosure in the midst of all of it might just be too much.

     

    To help, Fannie Mae has made changes in how foreclosures are being handled: They're being paused for 60 days. We're not completely sure what the economy will be like in 60 days (for the country or for any individual household), but this can at least give some temporary assurance that people aren't going to be kicked out of their homes.

     

    Here's a link to more information and details from Fannie Mae.

     

    This doesn't mean that you don't have to pay the mortgage eventually, or that if you're on the path to foreclosure during those 60 days that foreclosure proceedings won't pick back up.

     

    If you think you're on the path to being foreclosed, PLEASE contact Green Light Real Estate. There may be things that can be done to help. Maybe your house is worth more than you think. Maybe there is a buyer who could move quickly with the price you need. Maybe your house is a good candidate for a short sale. We help people in situations like this all the time. You just have to ASK. And, maybe there isn't anything that can be done. Maybe the house is going to be foreclosed on. But you'll at least have done everything you could.

    You can contact us via email at info@GreenLight-RealEstate.com or via phone at 802-225-6425.

     

    From all of us at Green Light Real Estate,

    take care of yourself and those around you.

    We're getting through this together.

     

     Follow us on Facebook, Instagram or check out our listings on www.GreenLight-RealEstate.com

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