Information about mortgage payment struggles due to COVID-19

More than 307,000 families with FHA-insured mortgages that are behind on their mortgage payments have not yet requested a forbearance and are at risk of losing their homes.  The COVID-19 forbearance, a reduction or pause in their mortgage payment, must be requested by June 30, 2021.

As of April 30, 2021, 307,503 homeowners with FHA-insured single-family mortgages were at least two payments behind (60+ days delinquent) on their mortgage payments and have not requested a mortgage payment forbearance from their servicer.

This is the Mississippi data. DeSoto County has about 500 delinquent borrowers.

HUD’s goal is to have as many struggling homeowners as possible request a mortgage payment forbearance from their servicer, but time is of the essence. The forbearance due to COVID-19 needs to be requested by June 30, 2021.

·         If you are struggling to make your mortgage payment on your FHA-insured mortgage because of COVID-19, help is available. 

·         However, you must act now. Here are the steps you should take today:

·         Contact your mortgage servicer and request a COVID-19 forbearance; it needs to be requested before June 30. A forbearance is a reduction or pause in your mortgage payment.

·         Your mortgage servicer is the entity to which you make your mortgage payments. Your mortgage servicer is the only entity that can provide you with a mortgage payment forbearance.

·         When working with your servicer, you should:

§  1) State that you are having financial hardship due to COVID-19. You will not be required to provide documentation of this hardship;

§  2) Request a COVID-19 Forbearance for your mortgage payments;

§  3) Ask your servicer to confirm the details of your agreement in writing.

·         For help talking to your mortgage servicer or understanding your options, call (800) 569-4287 to immediately contact a HUD-approved housing counseling agency in your area.

·         HUD urges all homeowners who are able to make their mortgage payments to continue to do so. But if you cannot make your mortgage payments, know that you are not alone.

DeSoto County News Service

Bob Bakken

Bob Bakken is the most recognized and most trusted name in DeSoto County news and sports reporting, as readers continue to express their appreciation for his accuracy and fairness in the stories he writes. Bob is also heard on 95.3 The Rebel twice a week with sports updates and high school football play-by-play broadcasts in the fall. A former newspaper editor and writer, his award-winning background also includes television news producing, sports media relations, and radio broadcasting.

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