Home Foreclosure Federal mortgage and rent deferral ends

Federal mortgage and rent deferral ends

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After nearly a year in politics, government leaders have chosen not to extend the moratorium.

The moratorium policy on rents and mortgages went into effect in September last year, banning evictions.

“We don’t want people to be kicked out on the streets,” said Kerra Garcia, production branch manager at Supreme Lending.

After the country hit record unemployment due to the pandemic, Garcia said policies such as the moratorium on rents and mortgages had gone into effect.

“It’s a way to postpone legal action to be deported or to have a foreclosure imposed on you when you are in a difficult situation,” Garcia said.

But the moratorium is coming to an end. After the government tabled an extension in June, they chose to keep the July 31 end date.

“We’re going to have this chain reaction of foreclosures whether you own or own a house,” Garcia said.

According to a Harvard University report, in 2021, more than two million homeowners are in arrears with their payments and face eviction from their homes.

“It’s not too late, and I strongly encourage you to use Google Texas Rent Relief and explore your options, because if you can avoid eviction from your credit report, you absolutely want to do it, ”said Nami Stone, real estate agent at Keller Williams.

Stone said now is the time for renters and home buyers to seek financial assistance through programs that are still available.

“Reach out and find resources to help you talk to your landlords. Contact them and let them know what your situation is and that you are trying to get help. The Texas Department of Housing and Community Affairs is a great resource and they have different agencies that can help you ease payments and pay off rents in arrears, ”Stone said.

Stone warned that ending the moratorium could lead to a double problem.

“We’re going to have a lot more tenants in the market who have been evicted from their homes and they’re trying to find another place to live,” Stone said. “There is a shortage of inventory right now, so there aren’t a lot of homes for sale, there aren’t a lot of rentals available.”


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