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that they initially took out. They do have to pay it back.
This might lead to the urge to give up and just sell the rental home, but we promise it is not the only option that you have left on your hands.
THE MORTGAGE RELIEF PROGRAM:
This could reduce your payment up to 25% with the aim to reduce foreclosures. There are three different government issued loan routes this could go, including Federal Housing Administration (FHA) loans, Veterans Administration (VA) loans, and United States Department of Agriculture (USDA) loans. This assistance program is intended to help curb a wave of foreclosures post-pandemic, especially in today’s current housing conditions of rising rent and exorbitant home prices across the country.
THE MODIFIED MORTGAGE
The new forty-year mortgage seems painfully long but as of fifteen months ago has lowered the monthly cost of mortgages. The idea is to help people stay in their homes or hold onto their rental properties by extending their mortgage up to 40 years, which lowers their monthly payments.
CALL YOUR BANK
If none of these options sound good to you, that’s fine! You can call your official at the bank your mortgage is through, and see what options are available to you through them.
While the end of the COVID Mortgage Forbearance Program may seem like a grim time, it doesn’t mean the end is nigh. There are options you can take besides throwing your hands up and throwing in the towel. Becoming a landlord in the first place shows a lot of perseverance. You stepped into the fray of a job that doesn’t have a great reputation, but you didn’t let that stop you. This shouldn’t either. Time and time again the rental housing industry has shook under our feet but that’s never stopped you before, so this won’t either. This? This is just fine.
Nicole Seidner is a copywriter at ApplyConnect, an affiliate of Contemporary Information Corporation (CIC). She holds a degree in Writing from Savannah College of Art and Design with a focus in creative nonfiction. Her free time is spent taking pictures of her dogs or reading deep-dive analysis on movies that she hasn’t seen. This article has been contributed by CIC.
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