Coronavirus Mortgage Impact - A Message From Our CEO
Message from our CEO:
Our great nation is facing unprecedented times and the mortgage industry is playing a vital role on the economic side of the COVID-19 crisis.
Recently, you may have seen or heard about mortgage relief, also known as forbearance, for those impacted during these times. A lot of information about this program has been poorly conveyed or misunderstood.
At Geneva Financial we believe it is our responsibility to protect not only our clients, but all American homeowners, by providing the facts you need to know.
First and foremost, if you are able to pay your mortgage, continue to do so. Forbearance should be a last result and there may be negative impacts you need to be aware of if you access the relief.
Here’s what you need to know:
1. CONTINUE TO PAY YOUR MORTGAGE UNLESS IN A DIRE EMERGENCY
2. You MUST call the mortgage company you pay your mortgage to every month and be approved for forbearance, deferment or a loan modification.
3. Skipping payments without approval may lead to foreclosure on your home.
4. Every mortgage servicer (the company you make your mortgage payment to) will handle mortgage relief programs differently.
5. A forbearance DOES NOT necessarily mean that the number of month’s relief you receive are tacked on to the END of your loan – SOME companies will expect full payment of those deferred months in a lump sum immediately following the relief period.
6. Ask questions – know what you are getting into.
7. If you are unsure if you should utilize the mortgage relief program, contact your Loan Officer Kathy Colkitt for advisement.
Please don’t hesitate to reach out with absolutely any questions or concerns.
I hope you are faring well through our current world circumstances.
Stay safe, stay healthy, BE A GOOD HUMAN.