With everything going on in the world, many programs have gone into effect to help those in need. Below we will cover a new program that allows homeowners affected by COVID-19 to receive assistance with their home mortgage payments.
The government has stepped in and is lending a helping hand to lenders so they can help consumers. They are doing so by giving homeowners a forbearance (meaning a delay in collection proceedings on the late payment) on their home mortgage payments for up to 90 days. This is a great option for many; however, it is only available to homeowners who have been directly affected by COVID-19. A homeowner is only eligible if they, or someone in their household, has been diagnosed with COVID-19. The secondary stipulation for eligibility is if the homeowner was laid off from their job due to COVID-19. If one of these options does not apply, then, unfortunately, you are not eligible for the forbearance.
There has also been talk about the fact that homeowners being awarded forbearance will not have the credit bureaus report them as late or missed payments, however, this is still being worked out.
Reach out to the team at Indigo Mortgage New Mexico and let us do an evaluation for you! We can see which interest rate works best for you and lock in a mortgage rate. Visit our website or give us a call for more information.