Mortgage Help for Employees Impacted by COVID-19
Many Tennessee companies had to suddenly and unexpectedly lay off or furlough good employees due to COVID-19. The Covid Mortgage Mitigation (CMM) is designed to ensure these responsible, recently unemployed homeowners get a legitimate 12 month mortgage holiday during their Covid-caused time of unemployment. It will assure these homeowners avoid steep fines, damage to their credit report, or even foreclosure. CMM can also help homeowners whose homes were made unlivable due to the recent tornados and other natural disasters
Under the CARES Act, mortgage servicers are required to offer a 90-day deferment with a possible 90-day extension. However, there is a great deal of ambiguity related the stipulations which means servicers often implement the program inconsistently resulting in confusion and misunderstood risk for homeowners. Homeowners who negotiate on their own can end up with requirements to pay back deferred payments in one lump sum at the end of their deferment, putting them in a worse financial situation than when they started. At the same time, homeowners who need assistance beyond 180 days are often unaware that additional extensions are available.
The goal of CMM is to provide to these homeowners trained, experienced professionals counselors who will ensure clarity for homeowners during the forbearance process and will help develop a forbearance plan that will ensure success for these homeowners and their mortgage servicer. Negotiations with mortgage servicers are stressful and a time-consuming process for homeowners who lack knowledge of the industry and the options that are available. Servicers have wide flexibility in the way they implement forbearance programs, which can have a range of impacts on the consumer and the timeline for repaying deferred payments. Our CMM program is a free service for Tennesseans, as a stress-free alternative to attorneys who charge $2,000 or more to provide this work, which either compounds homeowners’ negative financial situation or forces them to try to navigate the complexities of these offerings on their own.
This is a free service to homeowners thanks to grants from United Way, Community Foundation of Middle Tennessee and NeighborWorks America.
For more information please contact Affordable Housing Resources 615-251-0025 or email@example.com