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Don’t Let The COVID- 19 Health Crisis Turn Into a Housing Crisis

Don’t Let The COVID- 19 Health Crisis Turn Into a Housing Crisis

If we are not careful, we will repeat the missteps of the Great Housing Recession of 2005. Constant misinformation will lead to poor judgment and ineffective decision making. The result will be damaged budgets and ending to our family’s generational wealth building.  So pay attention and read the fine print. Each and everyone’s experience is unique. If you don’t understand, ask someone. Don’t try to navigate through unfamiliar nomenclature and vocabulary you don’t comprehend. The Cares Act addresses many issues associated with COVID -19. The Cares Act is in place for those who are experiencing hardships ranging from unemployment, small business needs, and information on rent and mortgage payments.

I created this post to assist you in asking the right questions when it counts. These are some general questions you should ask during this process:

  1. What is your ability to refinance or sell your home, while you’re in a forbearance plan?
  2. How will the missed payments impact your escrow payments paid through your mortgage, e.g., Taxes and insurance and private mortgage insurance (PMI)?
  3. How will that impact your escrow analysis when the taxes and insurances are due?
  4. What kind of forbearance you are receiving and how long is the forbearance period? 
  5. Will you be able to receive another forbearance in the same year.
  6. How is the forbearance to be re-paid?

Here are two useful references to help you understand your options. 

https://www.cnn.com/2020/05/02/success/mortgage-forbearance-may-coronavirus/index.html

https://www.consumerfinance.gov/about-us/blog/guide-coronavirus-mortgage-relief-options/

You are of course always welcome to call or write to me or your mortgage lender. Your mortgage lender is the best source to help you understand your individual situation. Reach out and ask questions. We don’t want this health crisis to be a dress rehearsal for another housing crisis.

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Tracie Green

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