The coronavirus isn’t only affecting the health of thousands of individuals, it is also hurting their pockets. Many individuals are now out of work and without a way to meet their monthly financial obligations as the government works to curb the spread of the potentially deadly virus by temporarily shutting down cities. This has resulted in many homeowners, especially those in places with a high cost of living like Florida, becoming worried about how they are going to now afford their mortgage payments without any income coming in.
If you have been directly affected by the coronavirus (COVID-19) and are uncertain as to how you are going to afford your mortgage payment this month and those that follow, there are certain relief programs that are being put into place to help you during this tough time. According to Forbes, there are some state and federal mortgage relief programs that are being implemented that aim to help prevent you from being evicted or penalized for not making your payments on time.
For example, The Department of Housing and Urban Development (HUD) was ordered by the President to “suspend evictions and foreclosures for the next 60 days.” The order “not only prevents new foreclosure actions but also suspends all foreclosure actions currently [being processed].” Aside from state and federal mortgage relief programs becoming available, Forbes also says that banks are offering relief to mortgage customers who have been affected by coronavirus.
Bank of America Offers Homeowners Relief Due to Coronavirus Outbreak
Bank of America recently announced that it is going to allow certain mortgage customers who are struggling due to coronavirus to defer their payments. The source highlights that this applies to both mortgages and home equity loans. In order to defer payments, “mortgage holders will need to request deferment directly through the bank and the waived payments will be added to the end of their loan term.” The source says that no guidelines have been put into place just yet in regard to how many payments can be waived or for how long. The lender will be approving deferments on a case-by-case basis. If you are a Bank of America Reverse Mortgage customer please inquire here.
Citibank is another lender that is offering relief to some mortgage customers. The source says certain individuals may be eligible for a hardship program through Cenlar FSB, which is the bank’s service provider. If Citibank is your mortgage lender and you are seeking relief, you can call Cenlar FSB at 855-839-6253 to find out if you qualify for their hardship program.