Many large financial institutions are suspending foreclosures because of the massive economic damage caused by COVID-19. Some banks have stopped proceedings indefinitely. Others have set time limits for foreclosure suspensions such as 60 or 90 days. Even as health and financial issues remain uncertain, this is a good time for homeowners to take stock and learn about the revised rules and the actions you take can help save your home.
If you’ve lost your job or are concerned about your ability to meet your mortgage obligation, it would be wise to:
A temporary foreclosure suspension is a helpful stopgap, but planning ahead may prevent the foreclosure process from continuing after the coronavirus pandemic is over. If you are facing foreclosure and need assistance on what to do next, an experienced foreclosure defense attorney can help you with your options and guide you as circumstances continue to change in response to this overwhelming medical crisis and its economic fallout.
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