The COVID-19 pandemic has caused millions of Americans to lose their jobs and apply for financial help. The American Banker’s Association estimated that as of mid-2021, there are an estimated four million Americans are in forbearance. This program allows homeowners to temporarily skip paying their mortgage due to the COVID-19 pandemic.
Many Americans are relying on banks to get a loan to pay back mortgage to prevent falling into foreclosure.
Foreclosure is a legal process, which the lender attempts to recover an outstanding balance loan from a borrower. Foreclosure to your dwelling is a horrifying nightmare that everyone should avoid. And if the sale of your home doesn’t cover your loan balance, you may end up paying more money than you have. Some of these smart moves can help you from property foreclosure.