Millions of Californians have lost work due to the COVID-19 pandemic, and that’s left many homeowners struggling to make their mortgage payments.
In light of this unprecedented job loss, Village Properties, a locally owned real estate agency based in Montecito, has launched a resource page for distressed homeowners with information on types of assistance available to help. The web page is www.villagesite.com/we-care.
This We Care resource center provides comprehensive fact sheets and forms related to mortgage forbearance, mortgage assistance, loans for veterans, and the Coronavirus Aid, Relief, and Economic Security or CARES Act passed by Congress in March. Homeowners in need of help or with questions can also contact Village Properties directly.
“At Village Properties it is our desire that those who wish to stay in their homes may do so,” said Renee Grubb, owner of Village Properties. “We felt it was vital to make these resources accessible to our community during these uncertain times.”
Possible options available to distressed homeowners include mortgage payment forbearance, which involves coming to an agreement with the home servicer or lender to temporarily pause or reduce mortgage payments. The CARES Act allows this option for all borrowers who, either directly or indirectly, experience financial hardship due to the COVID-19 pandemic.
U.S. veterans may also be able to obtain mortgage assistance through the Department of Veterans Affairs, including help making up the financial shortfall from the sale of a home that is underwater.
Forms on the resource page can be downloaded and used to determine eligibility for assistance programs. Village Properties’ expert agents are readily available to talk with homeowners about their specific real estate needs during these uncertain times.
REALTORS®: Share your industry info in “REAL ESTATE SCOOP.” Email firstname.lastname@example.org for details.