We hope this finds you well during the current climate. For many we understand it’s been a tough few weeks with both big physical and mental changes and it’s no news that the number of Coronavirus cases have continued to increase globally and San Diego County is no exception. We are all affected and as our country works together to achieve containment and progress it’s important that we share knowledge and support with one another. We have worked diligently to remain at the forefront of what your options are during this time of need and our doors remain open to you.
Here are just a some things that may help you answer a few looming questions:
• Foreclosures have been placed on hold during this time and many servicers are offering forbearance plans.
• Several servicers have reported that they will not report missed payments during this pandemic. Five of the nation’s largest banks (Wells Fargo, US Bank, Citi and JP Morgan Chase) along with almost 200 state-chartered banks and credit unions have agreed to temporarily suspend residential mortgage payments for people in California affected by the coronavirus. But each borrower should speak specifically with their loan servicer.
• If Fannie Mae or Freddie Mac own your homeowners’ loan, they want you to know they’re ready to assist you. Homeowners may request mortgage assistance by contacting their mortgage servicer—or, homeowners with a Fannie Mae-owned mortgage loan may work with our Disaster Response Network as outlined.” For assistance or more information call:1-800-232-6643. Freddie Mac announced a variety of similar mortgage relief options. Borrowers are eligible for forbearance regardless of whether their property is owner occupied, a second home or an investment property.
• Gov. Newsom issues statewide ban on evictions for renters until June 1. Landlords won’t be able to force tenants out for not paying rent, but the tenant must submit a letter on how the outbreak has impacted their ability to pay within seven days of their rent being due.
• Your loan servicer may also waive all late fees, but each borrower should speak specifically with their loan servicer.
• Entering into a forbearance plan could affect other refinances taking place at the same time.
• Many lenders are changing their guidelines for financing applicants. If you are in any escrow we encourage you to speak to the buyer’s lender to reconfirm if they are aware of any new guidelines would affect the buyer’s qualification for financing.
If you are looking for more information please feel free to contact us directly we are available to assist you via a phone call.