While owning a home might be one of your long-term goals in life, it can also be a demanding endeavor that can carry a great deal of responsibility. Even if you can manage mortgage payments initially, should circumstances in life leave you facing substantial financial challenges, the fallout may prove disastrous.
The thought of losing your home to foreclosure can be a harrowing concept that may leave you in search of advice on how to prevent a similar outcome. Now that the federal financial moratorium is over, you might have questions about what this could mean for your situation and about your available options when behind on payments.
End of the moratorium
The federal foreclosure moratorium might have provided you with much needed relief during a difficult time, but now that it is over, you might have questions about what this might mean for your situation. Some topics to address regarding the end of the moratorium may include:
- Foreclosure proceedings: While the federal foreclosure moratorium prohibited lenders from initiating foreclosures while active, this protection ended once the moratorium was lifted.
- End of forbearance: It may also be vital to seek insight on your options while under forbearance, and while it might be possible to extend forbearance, this may only prove a temporary fix to a long-term issue.
- Payment plans: While you may have the option to negotiate with lenders while trying to catch up on your mortgage, any payment plan you reach may be much higher than normal.
- Deferral or modification: It could also be possible to approach the situation by requesting to defer missed payments to the end of your loan or seek lesser payments via loan modification.
While there may be options available to help you catch up on missed payments, these might not always prove preferable, or even possible, and a more long-term solution could be necessary.
Knowing your options
There may be few things in life as stressful and daunting as the thought of losing your South Carolina home in foreclosure. With so much at stake, it could be in your best interests to seek insight on all your available options and on the next steps to take to safeguard your future interests. Such guidance could help you better prepare to choose the best path available to help you catch up on mortgage payments after exiting forbearance and create a strategy to mitigate similar risks in the future.