The Executive Order by President Biden extending the CARES ACT moratorium on foreclosures until March 31st doesn’t necessarily apply to everyone. That’s critical news not effectively covered in the media.
That means Fannie Mae, Freddie Mac, FHA or VA loans.
While this moratorium may feel like a safety net, it’s important to take action now! The first step is to find out if your loan is owned by a federally backed lender.
Is my loan federally backed?
How would you know? Start with the following links to research who owns your loan. You’ll need your loan number and SS#:
– Fannie Mae Loan Lookup
– Freddie Mac Loan Lookup
– FHA requires a phone call – 877-622-8525
If it applies to your loan, you should exercise it. That means it’s time to take aggressive action such as extending a forbearance.
Use the moratorium to find a solution. To start, find more information on forbearance options at CARES ACT Mortgage Forbearance published by the Consumer Finance Protection Bureau.
To benefit successfully from the foreclosure moratorium, it’s critical to take action. You have options!
Can I sell my home now?
Selling your home now may be an option. Our strong sellers market may support a successful sale to pay off your loan. But if values are under water we can negotiate a short sale during the moratorium, save your credit, resolve the deficiency and create a fresh start.
For an instant estimate on your home’s current value visit HomeValuesbySusanna.com.
How can I stop foreclosure?
In some cases, legal action could stop the foreclosure altogether depending on when and how the foreclosure was filed. Contact me for a referral to a lawyer who specializes in fighting the banks.
If you are at risk of foreclosure, have a forbearance in place or need one, this is the time to act. Start with my overview of options at FightTheBank.org.
Can short sales work?
What to do next?
Contact me for help with resources and referrals. There are many options but they all require proactive action by the home owner.