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American rescue plan act — Foreclosure Looms!

By Terry Savage on September 12, 2021 | Housing / Real Estate

If you go to IHDA.org and search for 2021 homeowners assistance fund (HAF) you will find a vague stmt. saying “applications are expected to be available in fall 2021” . Can you use your resources and try to find a more thorough explanation and date certain? I have been told by my Chase rep. that I have reached the max period (18 months) of mortgage forbearance come Sept. 30. I am afraid that I f I enter into an agreement now with Chase for a loan modification I will be precluded from qualifying for HAF assistance. On the other hand if I don’t , Chase may begin foreclosure proceedings. At the very least this would certainly impact my exemplary credit score. Thank you for any help you can provide. Time is of the essence.

Bill

Terry Says

I have been trying to reach IHDA for the past few weeks on the subject of both landlords rental assistance and the resumption of mortgage assistance. They are strangely silent. And I continue to request a response.

In the meantime, definitely meet with Chase to see how you will restructure your loan. You do know that you have the option of simply resuming the old payments — and tacking the missed payments on to the end of your loan. They cannot force you to totally restructure the loan.
But if your old loan was at a high rate, and they will give you a lower rate and lower payments — on a longer term loan — that might be to your advantage.
On the other hand, if you can’t afford ANY payments now, you are definitely looking at a foreclosure, and should get an attorney to advise you on how to deal with this.

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