As America struggles to shake the curse of COVID-19, millions of homeowners impacted by the pandemic continue to face numerous challenges, including determining what to do when mortgage forbearance ends. In this update, we’ll outline the available options and offer sound advice on how–and how not–to proceed.
- Has abandoned the property.
- Was more than 120 days behind on their mortgage before March 1, 2020.
- Is more than 120 days behind on their mortgage payments and has not responded to specific required outreach from the mortgage servicer for 90 days
- Has been evaluated for all options other than foreclosure and it is determined that foreclosure is unavoidable.