The COVID-19 pandemic has caused extensive financial hardship for many families in Kansas City and throughout Missouri and Kansas. Many homeowners are on the brink of losing their home to foreclosure or bankruptcy simply because they can’t make the payments. Fortunately, the CARES Act Mortgage Forbearance program has helped homeowners reduce or pause their mortgage payments for a period of up to 180 days.
Covid mortgage forbearance offers homeowners the opportunity to make up their payments over time once the period ends instead of catching up with one large sum. However, the pandemic has lasted for nearly 12 months, leaving many people unable to find work or secure funding to catch up on their mortgage. As a result, they are facing foreclosure, shorts sale, or bankruptcy.
In response to the coronavirus pandemic, the federal government passed the CARES Act, which protects you if you are behind on mortgage payments. The CARES Act prohibits foreclosures before December 31, 2020. Under the forbearance plan, you can seek forbearance from lenders for 180 days, with one extension of 180 days.
The Act applies to all federally backed mortgages such as
If you have a federally-backed mortgage, you can seek forbearance for up to one year. Since the Act was signed into law on March 27, 2020, most forbearances will not terminate until April or May 2021. However, foreclosures can begin as early as January 1, 2021 for any forbearance periods that have already ended.
Once the COVID-19 forbearance plan ends, your lender will work with you to restructure your payments and come up with a plan for catching up on your mortgage. However, if you still have not found a job or you are having difficulty paying your bills, a restructured plan may not work for you. If your forbearance period has ended and you have not caught up on your mortgage payments or can’t afford to keep up with the property, you could lose your house in foreclosure or bankruptcy.
The bank may move forward with repossessing the house and selling it at auction to recover the remainder of the loan. However, it is possible to avoid foreclosure or filing bankruptcy if you try to sell your house instead of keeping it. Instead of listing your house on the market, you can sell your house fast for cash. Rex Buys KC can buy your house as-is right now. We are local home buyers in Kansas City.
When you go the traditional route for selling your house, the process can be long and complicated. You must meet with a realtor multiple times, list your house on the market through various platforms, and find creative ways to make your house more attractive. Plus, there are no guarantees if or when you’ll find a qualified buyer. Our process of buying your house is fast and easy.
Feel free to call us to schedule a quick house visit. We can answer your questions, discuss your options, and do a quick run-through of the property. Don’t worry about making any preparations. We are happy to view your house as-is.
If we like what we see, then we’ll make an offer on your house without delay. We typically make offers at just under the house’s value. Our cash offers are fair and consistent, with no changes once the proposal is submitted.
If you accept our offer, then schedule a close date that is convenient for you. We show up and sign the paperwork, pay all the closing costs, and seal the deal. We can pay you cash for your house in as little as seven days from closing.
When life happens, you must move quickly. You don’t have time to list your house, make renovations, prepare to show it, and go through a lengthy closing process. If you are in a situation where you must sell your Kansas City house fast, let Rex Buys KC take it off your hands. We help homeowners in all types of situations:
|Late Mortgage Payments
You may believe that your situation prevents you from selling your house. However, we are interested in buying your house regardless of your reason. Let us show you how easy it is to sell your house in as little as 30 days with no hassle.
At Rex Buys KC, we work with house sellers throughout key areas in Missouri and Kansas. Many of our sellers come from the following locations:
|Kansas City, KS
|Kansas City, MO
At Rex Buys KC, we buy houses as-is. We pay all closing costs and do not charge any fees. Our company purchases property as-is and puts cash in your hands in as little as 30 days. Call us today at 816-895-2999 to get a fair cash offer. We are local home buyers in Kansas City.