Forbearance Period Quickly Ending; Foreclosure-Prevention Services Available for DC MD & VA...

Forbearance Period Quickly Ending; Foreclosure-Prevention Services Available for DC MD & VA Residents



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WASHINGTON, March 24, 2021 /PRNewswire-HISPANIC PR WIRE/ — United Homes of America (UHA) is offering consulting services free of cost to residents in the D.C, Maryland and Virginia Area. With millions at risk of losing their homes, UHA is assisting and educating them through the application process to delinquent mortgage companies from start to finish. Mortgage and financial guidance is available at: https://www.uhusa.org/ 

The startling fact is that while there is a backlog of foreclosures building up due to this moratorium, no one will know how big that backlog is until after the government programs expire. Help is available at https://www.uhusa.org/

The COVID-19 pandemic has triggered a housing affordability crisis with over 10 million homeowners behind on mortgage payments.

As a part of President Biden’s promise to deliver relief from the on-going crisis, forbearance enrollment periods have been extended until June 30th 2021. A mortgage forbearance agreement is made when a borrower has a difficult time meeting their payments.

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One in every 14,164 housing units had a foreclosure filing in January 2021, and it is estimated that 1.8 million mortgages will be seriously delinquent when foreclosure moratoriums on government-backed loans begin to lift.

The startling fact is that while there is a backlog of foreclosures building up due to this moratorium, no one will know how big that backlog is until after the government programs expire.

By the end of this summer homeowners who were once shielded by extended periods of forbearances will have to pick payments back up and keep up with their monthly payments. Some borrowers will be required to repay past due mortgage payments within 6-12 months of the forbearance period ending (six months for federally-backed mortgage loans and 12 for Fannie Mae or Freddie Mac loans).

UNITED HOMES OF AMERICA  

UHA is a not-for-profit organization, committed to helping 10,000 homeowners avoid foreclosure. Due to the unprecedented circumstances that have caused an abundance of homeowners to seek services during the covid-19 pandemic, UHA’s services that are valued around $1k a consultation, are now being offered 100% free of charge.

“I have three kids that depend on me, I’ve faced foreclosure in the past, and I know the pressure of not knowing where to turn.” Tony Rivas is the founder of UHA.

PREVENTION: Don’t wait until the end of forbearance.

Know your options for foreclosure avoidance and prepare now. Residents in the DMV area with questions about homeownership or forbearances during the pandemic can schedule a consultations with UHA to find personalized solutions.

Contact: Nick Soto, 1-800-281-3824

Photo – https://mma.prnewswire.com/media/1472243/05.jpg

SOURCE United Homes of America

Forbearance Period Quickly Ending; Foreclosure-Prevention Services Available for DC MD & VA Residents