December 21, 2020
What to Do When Your CARES Act Mortgage Forbearance Ends
Are You Behind on Mortgage Payments? Sell Your House Fast for CashIf you are like millions of other homeowners in Kansas, and you are behind on mortgage payment due to the COVID-19 pandemic, you may have taken advantage of the CARES Act Mortgage Forbearance Program to keep your home. The program allows you to pause or reduce payments for a limited period without paying the payments back or catching up on your payments in one lump sum. Since the first coronavirus cases were reported in the U.S. in January 2020, nearly 17 million cases of COVID-19 have been reported. This has caused a massive decline in the economy – more specifically, the job market. If you have lost your job due to the pandemic, you may be in danger of losing your home. Even if you took advantage of the Covid Mortgage Forbearance, and your forbearance period is coming to an end, you may still have difficulty making your payments.
What is the CARES Act Mortgage Forbearance Program?The Coronavirus Aid, Relief, and Economic Security Act (CARES) provides a mortgage payment forbearance option for all borrowers who, either directly or indirectly, suffer financial hardship due to the coronavirus (COVID-19) pandemic. No documentation is required to prove financial hardship beyond your claim that you are suffering financially from COVID-19. A forbearance is a temporary postponement or reduction of mortgage payments. However, keep in mind that it is not payment forgiveness. Under the CARES Act, you are entitled to an initial forbearance period of up to 180 days upon approval of your request. The forbearance can be extended for an additional 180 days after the initial forbearance ends. You can, at any time, shorten the forbearance and resume repayment of the loan.
What Happens When the Mortgage Forbearance Period Ends?Once the mortgage forbearance period ends, your adjusted payments resume. Although you are not required to pay back the late payments in a lump sum, your adjusted payments may increase so that you can pay back the late payments in smaller increments. Note: While the forbearance plan can provide temporary relief, the pandemic has outlasted most forbearance periods, leaving homeowners in the same financial situation as they were in before enrolling in the CARES Act Mortgage Forbearance program. If you are a homeowner that has completed the forbearance plan but are still behind on mortgage payments, you could face the following situations:
Request Your Fair Cash Offer:
Avoid Foreclosure: Sell Your House for CashYou may be looking at options that help you avoid foreclosure, such as loan reinstatement, debt restructuring, bankruptcy, or forbearance. However, these options can only make matters worse. They require long, drawn-out processes in which you may have to hire a lawyer to challenge the bank. Plus, they may not solve the underlying problem: your inability to make the payments on your house. A better solution is to sell your house for cash to Blue Sky Properties. There are several benefits to selling your house for cash, such as:
- Sell your house faster – in as little as 7 days.
- Avoid closing costs, realtor commissions, and marketing costs.
- We buy your house as-is with no need for repairs or renovation.
- Avoid showing your house multiple times.
- Save your credit by avoiding foreclosure.
Sell Your House Fast in 3 Easy Steps
Step 1: Contact Us: (316) 202-4249Call us today and tell us about your property. We’ll schedule a quick walkthrough of your house—no need to renovate or prepare your home.
Step 2: Get a Cash OfferIf we are interested in buying your property, we’ll make a fair, no-obligation cash offer. We make most offers within 24 to 48 hours.
Step 3: We Pay Cash for Your HouseIf you accept our offer, then you schedule a closing date that is convenient for you. We pay all closing costs and put cash in your hands in as little as seven days after closing.
We Buy Houses in Wichita Regardless of Your SituationYou may feel that your current situation keeps you from selling your property. This may be true when you attempt to put your house on the market and sell it the traditional way. However, when you sell your house for cash, there are no conditions. We can buy your house regardless of your situation.
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