Protecting Homeowners During the Pandemic
If you are facing the possibility of foreclosure, you are
not alone. The COVID-19 pandemic has caused financial hardship for many homeowners,
leading to an increase in foreclosures.
However, there is help available. A foreclosure
moratorium is a temporary halt on foreclosures, giving homeowners a chance to
catch up on their mortgage payments and avoid losing their home.
What is a foreclosure moratorium?
A foreclosure moratorium is a temporary halt on
foreclosures, usually put in place during times of economic crisis or natural
disaster. The purpose of a moratorium is to give homeowners a chance to catch
up on their mortgage payments and avoid losing their home. During a foreclosure
moratorium, lenders are not allowed to start the process of foreclosing on a
homeowner's property.
The COVID-19 pandemic has led to widespread economic hardship, and as a result, many states have implemented foreclosure moratoriums to help homeowners who have been financially impacted by the pandemic. These moratoriums vary by state, so it is important to check with your state's housing agency to see what protections are in place.
How can a foreclosure moratorium help me?
A foreclosure moratorium can give you the time you need
to catch up on your mortgage payments and avoid losing your home. If you are
struggling to make your mortgage payments due to the financial impact of the
COVID-19 pandemic, a moratorium can provide some much-needed relief.
During a foreclosure moratorium, you may be able to
negotiate a payment plan with your lender to catch up on missed payments. You
may also be able to refinance your mortgage to lower your monthly payments. It
is important to reach out to your lender as soon as you are able to discuss
your options and see what assistance they may be able to provide.
It is also a good idea to seek the assistance of a
qualified attorney during this process. The team at Doucet Co., LPA has
extensive experience helping homeowners navigate the complexities of the
foreclosure process. If you are facing the possibility of foreclosure, we
encourage you to call us at (888)200-9824 to discuss your options.