Selling a House Under Forbearance Plan in Portland. OR

The CARES Act signed in March 2020 allowed homeowners with a federal-insured mortgage to ask for a forbearance 180 days plan. Many of those homeowners have extended the plan for another 180 days already.

The CARES Act “Suggests” lenders and homeowners (Debtors) should get into a negotiation to set a repayment plan for the forbearance period. The act does not direct banks on how they should address the repayments. In other words, Banks and lenders are free to set the forbearance repayment guidelines.

Homeowners with mortgages not backed by the federal government may still qualify for COVID-19 mortgage forbearance under voluntary relief programs put in place by lenders. If your loan falls under this category and you’re interested in mortgage forbearance, contact your lender to see what options they’re offering.

Forbearance repayment under normal circumstances is typically handled in one of three ways:

  1. Reinstatement: Under reinstatement, you pay a lump sum covering the total amount by which your payments were reduced during forbearance, plus interest and possible fees, at the end of the forbearance period.
  2. A Repayment plan: The number of repayment installments is negotiable and can depend in part on your ability to make payments, but it’s usually no greater than 12 months. 
  3. A Loan Modification: Under a loan modification, any amount you were excused from paying during forbearance is added back into the total you owe and factored into the new payment structure.

We at Better Off Home Buyers are experiencing an increase in phone calls during September and the early days of October. Many homeowners are disappointed with their lenders because they feel they were misinformed at the time they’ve requested the forbearance plan. 

Some homeowners told us their banks did not disclose payment terms at the end of the forbearance plan. There was nothing in writing showing a reimbursement way.

Therefore, the banks in an unexpected move denied them a forbearance period payment plan and said that if a homeowner entered a late payment plan, there was a good chance that the person would not make future payments on time. The Banks’ only acceptance was a lump sum payment.

What To Do If You Get Denied For a Repayment Plan.

If you are familiar with the above scenario. Whether you’re currently in 180 days or on an extended forbearance plan, consider selling your home before it’s too late.

If you have equity in your property, selling your home is an appropriate decision at this time of Coronavirus.

Selling your home can put money in your pockets. Then, you can rent a place to live for a few months, and later purchase a house again, when the properties have gone down in price. 

The real estate reaction to the pandemic in Portland and across the US has been triggered by low-interest rates. Today, the properties available for sale are in a low number. However. By the end of 2020 and during 2021, massive foreclosures will take numbers to higher levels.

It sounds crazy! But selling today is our recommendation. By selling your house today, you are giving yourself the chance to pay the late payments, save your credit history, and use your home equity in another property. Interest rates are the lowest in more than 30 years.

You can hire a real estate agent to sell your house, but remember, any real estate agent wants to sell a property that is in perfect condition. They do not deal with homeowners that are suffering from economic struggles. Real estate agents love selling houses in a perfect world where they can make big commissions. 

Better Off Home Buyers will buy your house AS-IS. You can have a check in your hands in 7 days. 

Selling your house to us means: 

  • You don’t need to do small or major repairs.
  • You don’t pay real estate agent commissions.
  • You don’t pay closing costs.
  • You don’t need to do a deep cleaning in your house to please homebuyers.
  • We will take care of everything.

In Portland and across the country, government and health authorities are easing restrictions. Everyone wants to get back to normal as soon as possible, but we must safely transition. COVID-19 is far from being controlled and we must continue to work to prevent the spread of the virus.

Although the authorities are making efforts and taking measures to recover the economy, we still have a long way to go. Many homeowners that are suffering the pandemic hardship will need more than a 180 days forbearance plan to get back on their feet.

Even an extension of another 180 days won’t get those homeowners in good shape.

With banks acting at Motu Propio, it does not guarantee that homeowners in crisis will receive the help needed to keep their properties.

At Better Off Home Buyers, we are receiving testimonials from homeowners who after their first 180 days of forbearance had requested a new plan to start paying for the missing months, but they were rejected by their banks. The borrowers claim that the reason for the alleged refusal of the banks was the fact that they (the homeowners) had a forbearance plan, so the banks feel that the owners might not make the payments on time.

Selling Your House With a Forbearance Mortgage.

Drastic problems require drastic solutions. If money is tight, if your income stream has become a trickle, don’t wait for things to get worse.

The reality is that millions of Americans are suffering the consequences of COVID-19 hardship. But America is a country of smart, dedicated, and problem-solving people, so when you are underwater, acting right away is what you need to do to get on track again.

If you need to sell your property that has a forbearance mortgage. Better Off Home Buyers will buy it.

Selling your home during this time of year will help you recover. Portland’s real estate market during the third quarter of 2020 would still be in good shape. The year 2021 will be tough for any industry in the US.

Because you need to solve your financial problems, selling your forbearance mortgage house is the answer to start your financial recovery. Better Off Home Buyers buys homes AS-IS.

To start the selling process of your house, just contact us by filling the form on this page or dial directly (503) 212-9641.

Immediately after your phone call, we will contact you to schedule an appointment to visit your home. Visiting your home is always in your conditions. Every time we visit properties to buy, we take precautions to prevent the coronavirus from spreading.

Typically, during the next 24 horas after visiting your house, we present with an offer.

As a seller homeowner, you are free to take the time you need to decide on our cash offer for your house.

After you approve our proposal, the Better Off Home Buyers team will start the documentation required for the house purchase.

In a period of up to 7 days, you will have the money for the sale of your house. Also, you will have a new chance to get a new loan to purchase another property. One of the benefits of selling your house is that your credit score will not be damaged.

The Federal Reserve has said interest rates will be low for the next two years, Banks need to lend money, but in a year from now, It will be more difficult to qualify for a mortgage loan. So the time to Solve Problems id Right Now!

Experts are anticipating a big foreclosure wave will be hitting us in the year 2021. Meaning a lot of properties will be available for sale. When the real estate market is saturated, the demand for houses gets down as the home prices too.

Right now is a good time to sell an underwater property. The scenery couldn’t be so perfect. Just you need a little bit of action and problem solve.

Contact us.

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