My CARES Act Mortgage Forbearance is Ending. What Next?
There are still options if You Are Behind on Mortgage Payments
The CARES Act Mortgage Forbearance program provided a financial lifeline for homeowners who were in danger of foreclosure or bankruptcy. Through the CARES program, homeowners could pause their payments for up to 360 days (two 180-day periods) without losing their home. However, like any forbearance option, homeowners still must make up the payments over time once their mortgage resumes.
If you are in a situation where your request for Covid mortgage forbearance was denied or the forbearance period is coming to an end, you may be looking for a solution to avoid foreclosure or bankruptcy. If so, you may want to consider selling your house to a local home buyer in Cleveland, OH. You can sell your hour as-is without making any repairs or paying closing costs.
Learn More About the CARES Act Mortgage Forbearance Program
Forbearance is a temporary reduction or suspension of your monthly payment to help you through a difficult period. You will need to repay any missed or reduced payments in the future through one of numerous options. While in forbearance, you can still choose to make partial payments, which will reduce the amount you would need to repay in the future.
The program is available for homeowners who have mortgages under federally-backed companies such as
- Fannie Mae
- FHA loans
- Reverse mortgage HECM loans
Through the mortgage forbearance plan, you have the right to obtain a 180-day pause in paying your mortgage. You can also temporarily lower mortgage payments if you are a borrower on a federally backed mortgage loan and affirm that you are experiencing financial hardship due directly or indirectly to the COVID-19 emergency. This program is called mortgage forbearance or mortgage relief. Your mortgage servicer (the company you send your payments to each month) can tell you if your loan is federally backed.
What Happens at the End of the Forbearance Period?
At the end of the Covid forbearance period, you and your servicer will discuss repayment options if you are still behind on mortgage payments. In most cases, you should receive multiple options to repay the monthly payments that were not paid during forbearance over time. However, even with multiple options, you may still be unable to pay your mortgage. If so, there are several possible situations that you could find yourself in.
- Short sale
- Distressed house
- Real estate owned (REO) property
If you are considering putting your house on the market and doing a For Sale by Owner (FSBO) or hiring a realtor, it can take months to make renovations, prepare your house for showing, finding a buyer, and closing. You may not have that kind of time if you are trying to avoid a foreclosure or bankruptcy.
How Do I Sell My House for Cash?You may be wondering, “How do I sell my house fast?” We make it easy to get out from underneath your property in just three steps:
Step 1: Call Our Buyers
Call us today and schedule a quick walkthrough with one of our local home buyers. We can assess your property to decide if we would like to move forward with a purchase. If so, we will make an offer within 24 to 48 hours. Do not worry about preparing or cleaning your property. We buy houses as-is.
Step 2: We Will Make a Fair Cash Offer
If we like what we see, we will make a cash offer on your house at just below its current market value. We will not try to buy your house at a rock-bottom price. Instead, we try to create a solution where everyone benefits. As local buyers, we understand the real value of your property in Ohio.
Step 3: We Pay You Cash
If you accept our offer, then you can schedule a close date that is convenient for you. In most cases, we can close in as little as seven days and have cash in your hand in only a few weeks. We pay all closing costs. You pay nothing. Simply walk away from your property with no strings attached.
Sell My House for Cash: Why It’s the Best Option
If you attempt to sell your house before foreclosure, you need to be aware of your options. Listing your house on the market and hiring a real estate agent is not likely to help you avoid foreclosure. It can take several months to get the house ready to sell, find a buyer, and close. A For Sale by Owner (FSBO) can take twice as long.
If you want to avoid foreclosure, the best solution is to sell your house fast for cash. When you work with our team, you can avoid the hassle of putting your house on the market, preparing it to sell, and showing it multiple times. We can close on a deal in as little as seven days, allowing you to get from underneath the mortgage much faster.
We Are Local Home Buyers in Cleveland, OH
Our buyers live in the area. We understand the economy, the real estate market, and the needs of homeowners. As your neighbors, we will never give you the lowest offer. We make an honest assessment of the property's value based on the current local market and then offer a healthy percentage, creating a win-win for everyone.
We work with homeowners in the following areas:
Avoid Foreclosure in Westlake, Ohio
Once your forbearance plan, you can sell your house fast. Home Buyers Ohio is here to help you find the simplest solutions to get cash-in-hand quickly without wasting time and money on repairs and closing costs. Call 440-490-4600 to get a fair cash offer.