Mortgage forbearance under the CARES Act provided many families with relief and a
lifeline during the COVID-19 pandemic. Unfortunately, homeowners across the
country are once again faced with hardship and setbacks as the changing economy and
housing market continues to rise, fluctuate, and demand even more of the American
people.
If you’re struggling with your mortgage forbearance plan and possibly facing
foreclosure, Helpful Homes’ team of trusted professionals is here to help.
What Is Forbearance?
Forbearance saved thousands of families from losing their homes throughout the
COVID-19 pandemic. Forbearance is when a mortgage service provider or lender
allows homeowners to pause or reduce their payments for a set period of time.
Unlike debt forgiveness, forbearance does not erase what you owe to your mortgage
provider or lender.
Instead, you’ll have to repay the missed or reduced payments at the designated end of
the forbearance plan. Even though you’re protected from penalty during the
agreement period of the forbearance plan, that protection has an expiration date.
While families across the United States experienced a period of relief and security
during their forbearance period, many who are now faced with the end of their
forbearance plan are facing possible foreclosure.
How Can Forbearance Lead To Foreclosure?
Because forbearance is not a debt forgiveness program, those who are at the end of
their forbearance plan must pay the remainder of their home’s mortgage. Failing to make those mortgage payments at the end of the forbearance plan will eventually end in foreclosure.
Here’s the thing: foreclosure WILL severely hurt your credit score.
If your home is foreclosed – even at the end of a forbearance plan – that foreclosure
will remain on your credit report for seven years from the date of the first missed
payment that led to the foreclosure. Lenders and most credit scoring models treat a
foreclosure as a red flag, strongly and negatively affecting your credit score and access
to credit and loans. If there’s a way to avoid the stress, uncertainty, and hardship of
foreclosure, Helpful Homes wants to help.
The Helpful Homes Solution
Helpful Homes’ team of trusted professionals is here to assist you and support you.
Whether you want us to purchase your home, help you list it, or complete a short sale,
Helpful Homes is committed to providing families located in North Carolina and
Florida with a proven solution that works. Backed by a team who cares about your best
interests, Helpful Homes knows just how difficult it can be to face foreclosure, and
that’s why we walk you through every step of our structured process.
What if you owe more on your property than what it’s worth?
If you have an upside down mortgage – sometimes called an underwater mortgage –
that means you currently owe more on your property than what it’s worth. Selling that
home while owing more than it’s worth is called a short sale.
Sellers in North Carolina and Florida must meet several requirements to quality for a
short sale besides just being underwater on their loan. If you fail to meet those
requirements, you may be unable to complete a short sale, leaving your family and
your home at risk of foreclosure – even at the end of your forbearance period.
With an in-house short sell negotiator, Helpful Homes can guide you through every
step of your North Carolina or Florida short sale process. Because short sells are not
typical sales for average realtors, allowing a trusted short sell negotiator from Helpful
Homes to assist you every step of the way will streamline the process and ensure your
goals are achieved. Plus, our in-house negotiator is familiar with the short sale
requirements of Florida and North Carolina, so you’ll never have to worry about the
tedious and confusing process.
The Helpful Homes Commitment
Helpful Homes lives and breathes its name. We want to help. We won’t abandon you,
and you won’t be left searching for answers.
If you’re located in North Carolina or Florida, your forbearance plan is ending, and
you’re not sure where to turn – Helpful Homes is here for you. Our team of trusted
professionals is committed to helping families like yours.
Fill out the form below and take the first step towards finding a solution that’s right for
you. We’re here to help. Guaranteed.
Dedicated to following cities in Florida: Ft. Lauderdale, Hollywood, Miami, Pembroke
Pines, Port St. Lucie, Miami Gardens, and Tampa.
Proudly serving the following cities in North Carolina: High Point, Kernersville,
Lexington, Walkertown, Winston-Salem, King, Asheboro, and Charlotte.