Should I Defer My Mortgage Payment - LasVegasRealEstate.com

Should I Defer My Mortgage Payment?

Should I defer my mortgage payment?  The quick answer for Las Vegas homeowners is, only if you absolutely must defer your mortgage payment. During this COVID-19 pandemic, homeowners that are experiencing financial difficulties are being given some assistance for their mortgage payments. Congress enacted the CARES Act which gives two major kinds of relief for their federally backed loans. 

 

Firstly, lenders are blocked from starting foreclosure proceedings on federally backed loans for 60 days from March 18th. 

 

Secondly,  mortgage forbearance will allow a homeowner to pause or reduce your mortgage payments, it is NOT loan forgiveness.

 

Las Vegas homeowners, if you can pay your mortgage, then pay your mortgage. If you can’t pay or can only pay a portion, contact your mortgage servicer immediately. Please refer to your monthly mortgage payment for your servicer’s number. If you are not sure who your servicer is, please click here and follow the instructions. 

 

There are some restrictions to this rule, even though currently it ran on the honor system. If you have recent late payments, you may not be accepted for this program. Also, if you have recently closed on a new home or refinance, you much make at least one payment on that mortgage. 

The bottom line: make your payment if you continue to work and have the means to do so.  If not, call your mortgage servicer about your options. 

Thank you for reading our post, “Should I defer my Mortgage Payments?”  For more Las Vegas homeowner tips, information on moving to Las Vegas, investing in Las Vegas Real Estate, Las Vegas Real Estate Market News, information on Homes for sale in Las Vegas, buying a home in Las Vegas, or general real estate information please visit our website www.lasvegasrealestate.com.

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