The Consumer Finance Protection Bureau (CFPB) is offering financial assistance to those who cannot make their mortgage payment or rent payment. There are qualifications and restrictions, but if you do need assistance, check it out!
The information provided on the CFPB website talks not only to forward mortgages - home loans that most homeowners have where payment is monthly and a payoff date in the future - but they also have helpful aspects for homeowners that currently have reverse mortgages. These reverse mortgage products are sometimes referred to as a retirement loan and work wonders for homeowners not wishing to make payments (but are not wishing to sell their home either). Homeowners who obtain a reverse mortgage can receive a large cash out amount, a monthly amount, or no cash out... But all reverse mortgage loans are insured by United States Department of Housing and Urban Development (HUD) and have NO monthly payments.
So how could they need assistance if they don't have payments? These homeowners are still responsible for homeowners insurance and property tax. If, for any reasons they are not able to keep up these payments especially during lock-down times in California, the CFPB has assistance for them.
So, what about renters? Renters have been the focus of local news segments. Many renters were unable to work due to Covid restrictions and therefore unable to pay their monthly rent. The evictions moratorium allowed them to remain in their home while not paying all or any of their rents, but that has passed and many landlords are looked to be repaid as promised. Fortunately, the CFPB and many local city, county and state sponsored programs are available to assist in paying either a portion of the unpaid rents or the entire sum. There are restrictions, guidelines, and qualifications to manage. But knowing there are people/organizations and government assistance available allows many the chance to get back to some level of normalcy and a start to a promising future coming out of the most severe pandemic many generations has lived through.
Please feel free to click on the link above to learn more about the CFPB’s assistance and guidance to elevate the heavy burden of past home expenses.
The Consumer Finance Protection Bureau (CFPB) is offering financial assistance to those who cannot make their mortgage payment or rent payment. There are qualifications and restrictions, but if you do need assistance, check it out!
The information provided on the CFPB website talks not only to forward mortgages - home loans that most homeowners have where payment is monthly and a payoff date in the future - but they also have helpful aspects for homeowners that currently have reverse mortgages. These reverse mortgage products are sometimes referred to as a retirement loan and work wonders for homeowners not wishing to make payments (but are not wishing to sell their home either). Homeowners who obtain a reverse mortgage can receive a large cash out amount, a monthly amount, or no cash out... But all reverse mortgage loans are insured by United States Department of Housing and Urban Development (HUD) and have NO monthly payments.
So how could they need assistance if they don't have payments? These homeowners are still responsible for homeowners insurance and property tax. If, for any reasons they are not able to keep up these payments especially during lock-down times in California, the CFPB has assistance for them.
So, what about renters? Renters have been the focus of local news segments. Many renters were unable to work due to Covid restrictions and therefore unable to pay their monthly rent. The evictions moratorium allowed them to remain in their home while not paying all or any of their rents, but that has passed and many landlords are looked to be repaid as promised. Fortunately, the CFPB and many local city, county and state sponsored programs are available to assist in paying either a portion of the unpaid rents or the entire sum. There are restrictions, guidelines, and qualifications to manage. But knowing there are people/organizations and government assistance available allows many the chance to get back to some level of normalcy and a start to a promising future coming out of the most severe pandemic many generations has lived through.
Please feel free to click on the link above to learn more about the CFPB’s assistance and guidance to elevate the heavy burden of past home expenses.
With 18+ years of experience, we created these to help all those who are looking to buy, get financing, and/or sell their homes. These are free and ready to download at the click of a button! Choose a packet to get yours today.
