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.