Will I have to catch up on missed mortgage payments after the foreclosure moratorium ends in Ohio?
Options for Catching Up on Missed Payments
The COVID-19 pandemic has caused unprecedented economic turmoil, leading to widespread job loss and financial strain for many Americans. As a result, millions of homeowners have struggled to keep up with their mortgage payments, leading to an increase in foreclosures. In response, many states, including Ohio, have implemented foreclosure moratoriums to protect homeowners from losing their homes during this difficult time.
But what happens when the foreclosure moratorium ends? Will homeowners be expected to catch up on missed mortgage payments all at once, or will they have options for repayment?
It's important to understand that every situation is different and it's best to speak with a knowledgeable attorney to determine the best course of action for your specific case. However, there are generally two options for homeowners facing missed mortgage payments after a foreclosure moratorium ends:
Payment plan: It's possible that your lender may be willing to work with you to create a payment plan that allows you to catch up on missed mortgage payments over a period of time. This can be a good option if you're able to afford a reduced monthly payment, but need more time to pay off the missed payments.
Loan modification: If you're unable to afford even a reduced monthly payment, you may be able to qualify for a loan modification. This involves permanently changing the terms of your mortgage, such as the interest rate or repayment period, to make your monthly payments more affordable.
It's important to keep in mind that both of these options may require you to provide documentation of your financial situation and may not be available to all homeowners. That's why it's crucial to speak with an experienced attorney who can help you explore all of your options and advocate on your behalf.
If you're facing missed mortgage payments after the foreclosure moratorium ends in Ohio, don't hesitate to reach out to the law firm of Doucet Co., LPA. Our attorneys have the knowledge and experience to help you navigate this challenging situation and protect your home. Call us at (888) 200-9824 to schedule a consultation today.