Here’s What to Do if Your CARES Act Mortgage Forbearance Ends
Behind on Mortgage Payments? Learn How to Get Out of Your Mortgage
Thousands of homeowners in the Cincinnati area have taken a huge financial hit due to the COVID-19 pandemic. Many of them have lost their jobs as a result of the declining economy and, in some cases, forced quarantine. The sudden loss in income has made it difficult to keep up with mortgage payments and other bills.
But thanks to the CARES Act, which was signed back in March 2020, financial relief is available for homeowners with mortgages backed by the federal government or a government-sponsored. During the mortgage forbearance plan, no payments are due for homeowners who are behind on mortgage payments. Furthermore, companies may not pursue foreclosure or collect on bankruptcy until December 31, 2020.
The CARES Act: How Does It Help Homeowners?
As part of the CARES Act, mortgage forbearance involves a temporary pause in mortgage payments to provide relief if you are struggling financially for whatever reason. There are various types of forbearance, and the qualification processes can be quite different between them. Congress has given Americans impacted by COVID-19 the option to request up to a year of mortgage payment forbearance, renewable in 6-month increments.
Forbearance is available for government-backed loans such as
- Fannie Mae
- Freddie Mac
- FHA loans
To request a COVID-19-related forbearance under the CARES Act, you just need to attest to your mortgage servicer that you’ve suffered a financial hardship directly or indirectly caused by the virus. Servicers are also responsible for administering your escrow account for taxes and insurance if you have one.
What Happens After Your CARES Act Mortgage Forbearance Ends?
The government put a hold on all foreclosures until December 31, 2020. After that, lenders can start the foreclosure process once your mortgage forbearance ends. If you are still behind on mortgage payments and cannot fulfill any payment restructuring agreement, you may face foreclosure, bankruptcy, or a short sale.
A foreclosure can hurt your credit, making it impossible for you to purchase a house for two to three years. If you are not able to keep the house, you may want to look at alternatives. For instance, you could list your house on the market and attempt a For Sale by Owner (FSBO) or hire a realtor. Putting your house on the market can help you get out from underneath your mortgage.
However, if you list your house on the market, it can take several months to get a realtor, make repairs, prepare to show the house, find a buyer, and close a sale. You may not have that kind of time. A more practice solution may be to sell your house fast to a local home buyer in Cincinnati, OH. Neighborhood Enrichment can buy your house as-is and help you get out of your situation. We are local home buyers in Ohio.
Request Your Fair Cash Offer:
Avoid Foreclosure in 3 Easy Steps
Step 1: Contact Us
Call us today or fill out the form, and we will discuss your property. You can schedule a quick walkthrough with one of our local house buyers. There is no obligation to sell, and you can ask as many questions as you like. Do not worry about making repairs or cleaning the house. We buy houses as-is!
Step 2: Get a Fair Cash Offer
If we like what we see, we’ll make an offer on the house. Our offers come in at just under the current market value of your property. We make most offers within 24 to 48 hours of looking at the house. You don’t have to wait to sell your house regardless of your situation.
Step 3: We Pay You Cash
If you accept our offer, we pay cash for your house. We can close the deal in as little as seven days. You schedule a closing day that is convenient for you. We pay all closing costs and fees. You simply sell the house and walk away with no strings attached. Selling your house has never been easier.
Benefits of Selling Your House to Neighborhood Enrichment
If you are like most people, you are probably planning to sell your house the traditional way. You contact a realtor, list your house on the market, make the necessary upgrades, show the house a few times, and finally find a buyer a few months later. If you’re lucky, you may find a buyer within a few weeks. However, there might be a smarter and easier way to sell your house fast.
You Don’t Wait to Sell Your House
If you are in a hurry to sell your house, you do not have time to wait for an offer three to six months down the road. When you sell your house as-is for cash, you can close the deal in as little as seven days.
We Simplify the Selling Process
Selling your house on the market involves a long, drawn-out process that includes marketing, repairs, showing, and closing. We eliminate these steps and make it easier to sell your house without the hassle.
You Save Money in Selling Costs
Making repairs, paying realtor commissions, and paying closing costs can eat into your profits. Selling your house to us can save you thousands of dollars. Let us handle the closing costs and repairs.
We Know the Cincinnati Market
Not even realtors know the real estate market as local home buyers. Our home buyers know the market, the people, and the property values in this area. We can make you a fair cash offer for your house.
We Buy Houses in the Following Areas:
Neighborhood Enrichment works with homeowners throughout Cincinnati and the surrounding areas in Southern Ohio. Many home sellers contact us from the following cities:
Sell Your House Fast Today with Neighborhood Enrichment
Selling your house does not have to be complicated or a long, drawn-out process. Neighborhood Enrichment makes it possible to sell your house fast in Cincinnati as-is for cash. We are local home buyers in Cincinnati, Oh. Call 513-285-9032 to get a fair cash offer. Sell your house fast today to avoid foreclosure.