Here are two mortgage assistant programs that may help you keep your home during these difficult times.
1. Mortgage Forbearance
Forbearance is when your mortgage servicer or lender allows you to pause or reduce your mortgage payments for a limited time while you build back your finances.
For most loans, there will be no additional fees, penalties, or additional interest (beyond scheduled amounts) added to your account, and you do not need to submit additional documentation to qualify. You can simply tell your servicer that you have a pandemic-related financial hardship.
Forbearance doesn’t mean your payments are forgiven or erased. You are still obligated to repay any missed payments, which, in most cases, may be repaid over time or when you refinance or sell your home. Before the end of the forbearance, your servicer will contact you about how to repay the missed payments.
For more detailed information go to: https://www.consumerfinance.gov/coronavirus/mortgage-and-housing-assistance/help-for-homeowners/learn-about-forbearance/
2. The New York State Homeowner Assistance Fund (NYS HAF) is a federally funded program dedicated to assisting homeowners who are at risk of default, foreclosure, or displacement as a result of a financial hardship caused by the COVID-19 pandemic.
For more detailed information go to: https://www.nyhomeownerfund.org