The coronavirus pandemic affected everyone in different ways. The loss of human life because of the disease and its socio-economic consequences including losing livelihoods and homes has left the nation in disarray. To combat this situation, the Coronavirus Aid, Relief, and Economic Security (CARES) Act were implemented. Further guidelines from federal agencies and GSEs offer two protection programs for homeowners. These programs offer delays in foreclosures and the right to request and obtain forbearance extension up to 180 days.

If you have an investment property for sale in Washington DC, and the virus has negatively affected your financial state then you should consult a real estate investment firm to know more about these offered resources. Here is a gist of the offer.

Suspension of Moratorium Foreclosure:

If you have a federal or GSE backed loan, your lender or servicer cannot foreclose on you before 31st December 2020. No agency would be allowed to announce a judicial or non-judicial foreclosure on you. Foreclosure laws vary from state to state and in most cases, a servicer or lender cannot start the foreclosure process until the loan is 120 days old. It would be best to consult a real estate firm before making any important financial decisions.

Forbearance:

This resource is good news for homeowners, according to it, if the coronavirus has affected you financially, you can request and obtain forbearance up to 180 days and you can also request another 180-day extension, making the total to 360 days. This extension will not involve any extra fee, penalties, or any other additional expenses. You do not have to submit any further documentation except the ones proving your financial loss during the pandemic. If you are suffering from covid related financial losses, you should apply for forbearance.

If you want to know more details about the resources offered by the government during this pandemic, contact your local real estate investment firm. Mortgage forbearance does not mean your payments have been waived off. You will still have to repay any missed or delayed payments in the future. It is important to educate yourself about the nature of these resources and their implications on your loans and mortgages.

If you are living in the DC area and seek advice on mortgage or more details regarding the resources provided for homeowners in light of the coronavirus pandemic, you should consult The DC Team. They are an eclectic group of real-estate experts who have been serving the DC area for more than two decades now.

Apart from queries regarding mortgages and loans, if you are planning to buy or sell luxury properties in the DC area, you could use the expertise on an investment property for sale in Washington DC by The DC Team. Their combined experience and their extensive network give them access to data which in turn lets them pick the best properties and prices in the DC area.