As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act’s federal relief package offered during the coronavirus disease (COVID-19) pandemic, homeowners have been protected from losing their homes by the foreclosure moratorium. On July 31, 2021, the foreclosure moratorium was lifted, but many homeowners are still struggling to make ends meet. If you’re concerned about foreclosure, you have options. In this blog, we’ll talk through some of the potential solutions you may want to utilize to avoid home foreclosure and explain when the Home Tax Solutions team may be able to help you protect your home from foreclosure.
What Was the Foreclosure Moratorium?
During the pandemic, the government placed an eviction and foreclosure moratorium to help homeowners and renters who may be struggling due to loss of income as part of the CARES Act. It protected homes mortgaged through any lenders that had been federally insured, financed, or owned, and even reverse mortgages were included.
What Are My Options Now that the Foreclosure Moratorium Has Ended?
On July 31st, the foreclosure moratorium was lifted. This left many homeowners who are still struggling financially wondering what their options are to keep their home. If you’re straining to cover mortgage payments, you may be able to request hardship forbearance. Most of the homes that were included in the foreclosure moratorium are also eligible for hardship forbearance on their mortgage payments. That includes homes financed through Fair Housing Administration (FHA), U.S. Department of Agriculture (USDA), and Veterans Administration (VA) loans. Additionally, those mortgages financed through Fannie Mae and Freddie Mac may also be eligible. If you’re interested in forbearance on an FHA, USDA, or VA loan, you will need to apply for forbearance by the end of September 2021. Currently, there is not a deadline to apply for forbearance on eligible Fannie Mae or Freddie Mac loans. In most cases, forbearance is granted for periods of six months or less, but you can apply to renew your forbearance. Fannie Mae and Freddie Mac mortgages are eligible for forbearance at six month intervals that can be renewed for up to 18 months.
Can Home Tax Solutions Help Me Keep My Home?
Failure to make mortgage payments is only one reason for home foreclosure. Another common reason for foreclosure is failure to pay property taxes. If your home is at risk of foreclosure due to unpaid property taxes, the Home Tax Solutions team can help you get out of property tax debt and stay in your home. Whether you’re struggling financially due to the pandemic or you’re in need of assistance to cover your rising property tax bill, the Home Tax Solutions team may be able to help. You can start the process quickly and easily whenever you’re ready by completing our simple online application form. Home Tax Solutions offers property tax loans that help you avoid home foreclosure due to delinquent property tax payments.