Worried about a foreclosure on your home? This expert has some advice for you
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There are a lot of questions about the real estate market right now during the coronavirus pandemic, but possibly the biggest concern of all is foreclosures, especially as many have been furloughed or let go from their job.
Real estate attorney Justin Clark spoke about the topic with Realtor Jay Telenda, who represented every national bank in the U.S. during the foreclosure crisis of 2008.
Telenda told Clark that those who might be worried about a foreclosure on their home should reach out to their lender.
“If you have a conventional loan right now, there are six months of deferral," he said, adding that if you take that option, you should be careful.
“Don’t take advantage of that, because at some point, that money does come due,” Telenda said.
Those will FHA loans can get up to 12 months of deferral.
Possibly the best option? A forbearance.
“They take your payments that are due now and they’ll put them on the back of your loan, so that way you don’t have a lump sum coming due 90 days or a 180 days,” Telenda said. “It’s not free money, but it will definitely get you through this time.
Still have questions? Watch the You Have Real Estate video above to hear more.
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