Housing costs are the single most significant monthly expense for most of us. And with more than 17 million Americans already out of a job due to the coronavirus pandemic, bankers and lenders must work with consumers to make sure no one loses their home. Ritch and Associates call on both Congress and the nation’s banks to provide immediate relief to homeowners that include the option to defer mortgage payments during this crisis, with no penalties, extra interest, or lump-sum due at the end — and an easy path back to repayment. To help make our case, we want to hear from anyone who has had trouble making their mortgage payment due to this crisis and has reached out to their bank or lender for help. Did your lender work with you to defer mortgage payments, and did they waive any extra penalties or fees? Was the process easy, or did it require a lot of paperwork? Or did you find the deal you offered would cause you even more financial hardship? Share your story with us so we can share it and push for mortgage payment deferrals that have a smooth and manageable path back to repayment. The Congressional relief package passed a few weeks ago includes a program that allows some borrowers to request to suspend their mortgage payments. This relief does not cover all mortgages, nor does it include the right to a manageable repayment plan to catch up gradually. If you’ve tried to get mortgage relief because of the pandemic, please tell us what you encountered.Make sure to tell us who is your servicer (the company you send your mortgage payment) so we can know if they are doing the right thing, or hold them accountable if they’re not. If you aren’t experiencing financial hardship, but know someone who is, please forward this to them. The more we know, the better job we can do at pushing for real relief for consumers during this public health crisis.
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