What do we do with the mortgage payments?

A reality that is affecting many Floridians is that if they lost their jobs because businesses have to close to prevent the further spread of the coronavirus pandemic, you do not have to do with your mortgage, in this article you will find a series of recommendations to help you make decisions.

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The news portal 7News Miami, posted some solutions that gives patrick fraser en Help Me Howard.

Maybe you remember the feeling when bought his first house It is a great satisfaction because one of the goals you have in life is fulfilled.

Along with the house will come the mortgage payments, which can be paid without problems until now that one of the consequences of the Wuhan coronavirus has been to destroy businesses, create unemployment and not be able to pay for services and responsibilities.

The question that many ask themselves: “Do I pay the mortgage or feed my children? So I choose to feed my children on the mortgage."

It should be noted that some banks are offering borrowers a break, but… Several questions arise: Is it really a break? , They can withhold payment for up to 90 days, but at the end of 90 days, you have to pay everything at once? What kind of help is it?

Some people like Octavio Espinoza want to carry their payments over the next few months until the end of the mortgage and have had no luck.

The reality is that situations like the one Octavio presents are very frustrating, but remember that after Hurricane Irma, many lenders allowed homeowners to carry payments through to the end of the loan until they recovered. Are they forced to do that now with the coronavirus?

A; In this regard, Howard Finkelstein, a legal expert from 7News Miami replied: "No, they are not required to do so. The stimulus bill simply requires that lenders allow lose up to six months of payments, but then probably have to pay the lump sum that you lost at the end of six months or try to get a loan modification, but some banks have better options for your clients, like moving payments to the end of the mortgage, so try to get in touch with them.”

Some banks give options like transfer of loan payments at the end of the mortgage. He would then have to pay insurance and property taxes at the end of that period. However, it is important to make sure if the bank you go to has this service.