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Trouble paying your mortgage

Video Credit: ABC 2 News WMAR - Duration: 02:09s - Published
Trouble paying your mortgage
Trouble paying your mortgage

ENDING SOON FOR MANYHOMEOWNERS WHO TOOK ADVANTAGEOF OFFERS TO PUT THEIRMORTGAGE PAYMENTS ON HOLDBECAUSE OF THE PANDEMIC.

WMAR2 NEWS' MARK ROPER IS LIVE INSOUTHEAST BALTIMORE.

MARK --WHAT SHOULD HOMEOWNERS IN THISPOSITION DO?HOMEOWNERS AFFECTED BYCOVID-19 WHO RECEIVED A FOUROR SIX MONTH BREAK ON THEIRMORTGAGE PAYMENTS AND HAVEN'TGOT BACK ON THEIR FEET YETSHOULD TALK WITH THEIR LENDTO FIND OUT WHAT TO DO NEXT.THE ECONOMIC SITUATION FOR*MANY -- CONTINUES TO GETWORSE AS THE PANDEMIC HAS YETTO END.

AND ACCORDING TO THEFEDERAL MORTGAGE BACKER --FANNIE MAE -- ABOUT A THIRD OFMORTGAGE HOLDERS ARE HAVINGTROUBLE MAKING ENDS MEETPAY THEIR HOUSING EXPENSES.

Alot of them might have takenforbearance if they're awareof it, forbearance is atemporary reduction of yourmortgage payment or just atemporary pause of yourmortgage payment FANNIE MAEVICE PRESIDENT DANIELLE MCCOYEXPLAINS -- ONCE THE GRACEPERIOD ENDS -- HOMEOWNERS WILLHAVE TO REPAY THE MORTGAGEPAYMENTS OR THE AMOUNTS THEYMISSED.

BUT THEY COULD ALASK FOR MORE TIME.

You canextend your forbearance periodup to an additional sixmonths, most people haven'thad six months already, sopeople still have plenty oftime to extend theirforbearance, that's the firstthing.

AT SOME POINT -- THEMISSED PAYMENTS WILL HAVE TOBE REPAID -- BUT THERE ARE ALOT OF THINGS HOMEOWNERS CANDO BESIDES HAVING TO PAY ITBACK -- ALL AT ONCE --ESPECIALLY IF THEY'RE OUT OFWORK OR THEIR HOURS WERE CUTBACK.

Maybe a payment deferralis best for them and that'staking the payments that theymissed and and putting it atthe end of their mortgage,another might be loanmodification, so there are anumber of options and itdepends on their financialsituationIF YOU HAVE A GOVERNMENTBACKED MORTGAGE FROM FHA --VA-- USDA -- FANNIE MAE ORFREDDIE MAC -- IT'S NOT TOOLATE TO REQUEST A FORBEARANCE.THERE ARE OTHER OPTIONSAVAILABLE FOR THOSE WHO DON'T.FOR A LINK TO FIND OUT WHOOWNS YOUR MORTGAGE -- LOOK FORTHIS STORY ON OUR WEBSITE --WMAR 2 NEWS DOT COM.

LIVE INSOUTHEAST BALTIMORE MARK ROPERWMAR 2 NEWS.ISAIAS BROUGHT A LOT OF RAINAND WIND TUESDAY MORN




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