HUD, VA, USDA, Fannie Mae and Freddie Mac will end the moratorium on foreclosures on July 31, 2021. These agencies will take additional steps to prevent foreclosures through streamline loan modifications.
If you have been affected by COVID-19 and are currently in default on your home loan or eminent risk of defaulting, were in foreclosure prior to the pandemic or are currently in a forbearance, a loan modification may be an option for you. Home loan modifications can be extremely helpful to many consumers who want to stay in their home with an affordable monthly payment.
Although COVID-19 home loan forbearance programs have helped with home loan payments, they do not resolve all the other COVID-19 financial hardships associated with a loss of income. We are in a unique position to assist homeowners through a court supervised program called the MMM program. This is a court approved program through a Chapter 13 bankruptcy which is designed to modify your home loan with an affordable payment. In addition to saving your home through a loan modification, the Chapter 13 bankruptcy can help you reorganize and, in many cases, reduce your car loan, state and federal tax debt and eliminate income tax penalties and interest, credit card debt, and medical bills.
We are not a modification firm, and we view modifications as an option or a tool to assist homeowners who want to keep their homes. If your goal for a modification is an affordable payment to allow you to keep your home, we will be happy to evaluate your circumstances and discuss this as an option. Many of our clients have received affordable modifications that have allowed them to remain in the homes that they cherish and in the neighborhoods that they love.
If this describes you and your goals then a modification may be a viable option. Call us today at 480-656-8358.