Over the past 17 months, the COVID-19 pandemic devastated the nation, with its human and economic damage especially concentrated in communities of color. As the nation looks forward to a return to normal, we are here to help homeowners understand their options.
The federal foreclosure moratoria are set to expire July 31st. Hundreds of thousands of families could have foreclosures started as early as August 1st. If you are behind on your mortgage, the sooner you reach out to your mortgage servicer, the more options you will have. Even if you can’t afford your current mortgage payment, you may be able to avoid foreclosure.
Servicers should be reaching out to many homeowners to discuss their foreclosure avoidance options. Many servicers may be able to communicate with you in your preferred language. For example, we recently provided servicers with an to help them communicate with Spanish language homeowners.
We have resources to help you navigate the transition into the post-pandemic housing market. Among our resources are housing support webpages that will help you learn about what mortgage assistance is available, including:
- How to connect with a housing counselor and how to find a lawyer, educational videos, and information on federal and state foreclosure moratoria and housing protections.
- COVID relief materials to assist reverse mortgage homeowners. Reverse mortgage homeowners affected by the COVID-19 pandemic and who have a Home Equity Conversion Mortgage (HECM), the most common kind of reverse mortgage loan, also have protections. These protections include asking their servicer for an extension to delay their servicer from calling their loan due and payable. You must ask for the initial extension no later than September 30, 2021.
- Resources on how to recognize housing and lending discrimination and coronavirus related scams. As a result of the COVID-19 pandemic, some consumers may need to transition to a new home. These resources will help sellers, buyers, and renters identify signs of discrimination or scams.
- Resources in multiple languages, including many of the resources in this list, a , and other critical documents for homeowners.