Is Covid-19 forcing you to sell your house in Georgia?
Many Families are being forced to sell their house, because they can’t go back to work. As of now, Coronavirus is still forcing businesses to keep minimum staffing in their warehouses, stores and factories. This leaves many people to stay laid off until companies can resume normal business. This Is causing many people to rely on what savings they may or may not have to pay their bills.
In a good economy, business feeds the employees, employees feed the banks and landlords… that’s cashflow. With this disruption, everyone in the food chain is suffering.
Orders have been released to extend certain programs till the end of 2020, but many of these programs are not for the homeowner. Here are a couple things you can do to weather the storm before you have to sell your house.
Call your bank
Most banks were forced to offer a forbearance to homeowners that could not pay their mortgage. These programs are designed to allow homeowners to delay their mortgage payments for a couple months to allow for financial hardships. Some companies have extended this program or offered modified programs to pay reduced payments for a time. Call your mortgage company to learn if these programs are still in place.
Local charity groups
Some local churches and other charity group are collecting money for hardship families that are required to resume paying their mortgage, but don’t have the fund yet to do so. These groups can be contacted thru the city in some cases or in the local community newspaper.
Apply for a second loan
Some companies are able to provide small loans to get you thru the hardship. Be aware that many of these companies have high terms and could be more trouble than they are worth. Make sure to read the contract before accepting a loan from anyone.
We make a living buying houses, but our Job is to help people with real estate problems. If you need help and do not want to sell your house, we have options that may be very helpful for you. We don’t always buy houses, but we do our best to put you in a better place.