If you missed mortgage payments during the pandemic, you need to act now to protect your home
Judson Carusone • January 7, 2022
URGENT ALERT: As of December 31, 2021 all federal and state foreclosure moratoriums have ended
URGENT ALERT: As of December 31, 2021 all federal and state foreclosure moratoriums have ended. While there is still time to work out a solution with a mortgage lender for missed payments, borrowers must resume mortgage payments starting in January 2022.
In March of 2021, the moratorium had been extended by the Oregon State Legislature. It also included provision to defer mortgage payments after it was enacted. These deferred payments do not need to be repaid. They are automatically added to the end of the loan as a balloon payment at maturity. However, a borrower needed to provide notice of a COVID related decease or loss of income. We are seeing some non-bank lenders trying to foreclose in violation of this most recent moratorium statute.
If you are having any issues with your mortgage lender due to a missed payment on or after March of 2021 or if you missed payments due to a loss or decrease of income related to the pandemic, please call immediately for a free consultation.
Posted by Behrends, Carusone & Covington, Attorneys at Law, PC partner, Jud Carusone.
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