CALL US: (513) 560-8002

Cincinnati and Northern Kentucky Real Estate Blog

What Should A Homeowner Do When The Mortgage Forbearance Is Over

What Should A Homeowner Do When The Mortgage Forbearance Has Ended

What Should A Homeowner Do With Mortgage Forbearance

During this pandemic that started in 2020 many homeowners found themselves out of a job due to local economy shutdowns meant to slow the curve.  Through government action homeowners with certain types of home loans were allowed to defer paying their mortgage due to impacts from COVID shutdowns.  For those who were impacted economically by job loss or reduction in pay and have their mortgage payments in deferral may be wondering what actions they should take once the deferral of payments come to an end.  This article explores what homeowners should be considering about their current home situation and their deferral of mortgage payments.

What Did The Deferrals Allow?

People had to prioritize their spending due to either being temporarily or permanently out of work because of the the virus related shutdowns.  Mortgage payments along with the corresponding insurance and property tax payment account for a large part of many homeowners monthly spending.  Some homeowners were faced with not spending on food or medicine or not paying their mortgage and facing possible foreclosure and years of a wrecked credit report.  Through the CARES Act the government postponed lender foreclosures until December 31, 2020 and also gave homeowners the ability to ask for forbearance of their mortgage payment if they were experiencing financial hardship caused by the pandemic.  The CARES Act applies to mortgages sponsored by government...

Blog Archives

Posts By Category

All Categories Cincinnati (9) Commercial Real Estate (1) First Time Home Buying (2) Home Buyers (53) Home Ownership (41) Home Sellers (69) Investment Property (16) Knowledge (31) Luxury Home Buyers (6) Luxury Home Sellers (14) Luxury Real Estate Market Overview (22) Mortgage (2) New Construction (1) Podcasts (6) Real Estate Investing (8) Real Estate Market Statistics (43) Sellers & Buyers (41) Selling Your Home (1)

Posts By Month

Grab Our RSS Feed

Greater Cincinnati Communities

Northern Kentucky Communities

Map Search

Use our interactive map search system to find your dream home today!

What's My Home Worth

Find out about recent area sales and current neighborhood market trends.

Have Questions?

Our real estate experts can assist you with all of your real estate questions.