Mortgage Relief Options During the Covid-19 Pandemic in Georgia
As uncertainty continues over the future of the economy and jobs due to COVID-19, Georgia homeowners are understandably concerned. Responses to the pandemic at state and federal level are subject to rapid change. If you fear that your job is at risk or you have already gone into furlough, it may be time to consider financial challenges.
Most homeowners have multiple credit commitments, besides a mortgage. When your income isn’t enough to pay all the bills, you will need to prioritize which payments are most important. There is a risk associated with defaulting on any type of credit, but not paying your mortgage could mean losing the roof over your head.
Pandemic Mortgage Relief Options
Rather than stopping your mortgage payments, explore any relief options that are available. Homeowners with federally backed mortgages have protections under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. A foreclosure moratorium may help you get through the COVID-19 crisis without losing your home. Alternatively, homeowners who are struggling to keep up with mortgage payments can take advantage of a right to forbearance under the act.
For homeowners who do not have federally backed mortgages, there may be other forms of relief available. The first step to take is speaking to the lender. Forbearance, which allows you to adjust or temporarily stop payments, is a potential option. It is also important to check Georgia government guidelines for further relief options, including suspension of foreclosures during the COVID-19 emergency. Always use official websites, as information is kept up-to-date during the pandemic.
In some cases, the relief options that you are offered may not result in defaults being listed on your credit report. When you speak to your mortgage provider, have a list of questions on hand that are specific to your mortgage and financial situation.
If you need additional advice on managing your finances during this difficult time, Gingold & Gingold can help. Call our offices today if your home is at risk during the COVID-19 pandemic.