There are two options that can occur when banks require you to re-start paying your mortgage payment. The first option, if acted upon, will cripple the housing industry as well as the U.S. Economy. There is talk that banks will require homeowners to repay all of their missed mortgage payments (during COVID-19) over an extended period of time post COVID-19. The catch is these payment will be over and above your original mortgage payment which will cause hardships for many Americans. With … [Read more...] about What Happens When Banks resume Mortgage Payments in following COVID-19
Due to the COVID-19 pandemic many U.S Borrowers are putting their mortgage payments on hold. In fact delayed payments are already approaching 14% of all loans. "The government’s program, part of the CARES Act, which President Donald Trump signed in late March, allows borrowers to delay up to a year’s worth of payments. Those payments must be made up later through either repayment plans or mortgage modifications. Government-backed loans make up about three-quarters of the current mortgage … [Read more...] about COVID 19 Will Increase Mortgage Modification Applications to New Highs
Did you know that nearly TWO MILLION people are behind or late on their monthly mortgage payment in the United States alone?! Nearly 10% of all homeowners are still fearful that they may face foreclosure in the next year! That’s right, nearly one in every ten homeowners are fearful of a foreclosure of their family home. Are you one of these folks who are struggling make your monthly mortgage payment? Do you constantly worry how you will continue to support your family? Are you behind on … [Read more...] about Struggling with your Monthly Mortgage Payment?
According to mortgage complaints reported to the Consumer Protection Bureau, 37% of all homeowners are struggling to make their mortgage payments. As most of us are working full time, WHY are we constantly struggling to pay our bills?! Why can’t we save for retirement or invest our monies to generate a second income? In addition to the inflated values of our homes which caused us to borrow a larger mortgage amount, I break the struggling homeowner down to four main factors: credit card debt; … [Read more...] about 37% of All Homeowners Struggle to Make Mortgage Payments