We buy houses in Boca Raton. As we quickly approach the one-year mark of the coronavirus pandemic, the world is still very much in recovery mode, given the tremendous impact on the rising levels of unemployment and income loss. Multiple homeowners across the US continue to live in fear of being another foreclosure statistic, given the worrisome coronavirus-induced US mortgage and rent crisis was set in motion a few months ago. So, if you are grappling to make your mortgage payments, there is no shame, and you are not alone. The essential thing you do at this stage is to take control, and we are here to help you do that. Continue reading to learn about some resolutions to help you make your mortgage payments in Boca Raton, FL, and avoid foreclosure.
- Mortgage forbearance
A mortgage forbearance agreement is a legal document between a lender and a buyer that bars a lender from enforcing her legal right to foreclose and modifies the terms of a mortgage plan over a fixed period. This could mean either a pause in payments or reduced payments, but forbearance does not depreciate your loan; you must make full repayment. Fannie Mae and Freddie Mac, two federally backed US mortgage companies, are currently offering forbearance assistance for 12 months. For this stipulated period, mortgage delinquency will not be reported to the credit association.
- Loan modification
Under the mortgage assistance plan by Fannie Mae and Freddie Mac’s mortgage assistance plan, all homeowners availing forbearance qualify for a loan modification. A loan modification is a change to the existing terms of a loan. This includes changes in the interest rate, an extension of the period, etc. For those who need who are unable to refinance their loan but desperately need to reduce monthly mortgage payments, a modification is the right fit. However, unlike refinancing, an amendment to your loan will require an approved letter of hardship.
- Consider a Second mortgage.
A Home equity loan or a second mortgage could provide immediate relief to your payment struggle if you own plenty of equity in your house. In other words, if the property’s market value far exceeds what you owe on it. The way a home equity loan works can be tricky. The difference between your home’s current market value and all remaining mortgage payments is the home’s equity. The better your home appreciates, the higher the equity you own. As homeowners, you may take out a loan or a second mortgage against this equity that would serve as the collateral for the funds you receive.
- Sell your Home to a Home Buyer
Selling your home to a home buyer like us at Your Trusted Home Buyer yields many advantages and benefits. Selling your home is a decision you should carefully consider, but sometimes it is better to cut your losses beforehand instead of being confined in a worsening situation. Suppose you cannot continue to make the monthly payments at any cost or urgently need to downsize. In that case, the flexibility of a direct sale to Your Trusted HomeBuyer is compelling.
We buy homes across Florida with the philosophy of people over price. We have helped numerous clients dealing with foreclosure by receiving a fair, all-cash offer and closing on the sale in merely one week. Additionally, this process involves no fees and commissions, and we handle all repairs and closing costs. Free yourself from a challenging financial situation, and contact us today. We buy houses Boca Raton in a simple way, to learn more about our simple three-step process that can help you sell your home fast!