Community members can apply for mortgage payment pause until Sept. 30
CASPER, Wyo. (Wyoming News Now) - Community members can still apply to pause their federal mortgage payments until Sept. 30. A Casper Real Estate broker said the pause can be six to eight months.
Gary Lever, a Real Estate Broker at Rocky Mountian Real Estate, said this pause is for people who were directly or indirectly impacted by the pandemic. These payments still need to be paid back. “They still have interest and payments to make up for at the end of the forbearance,” Lever said.
Some Wyomingites haven’t needed to take advantage of this program. “In Wyoming, we don’t have as much of an issue as many areas, but there are still people who have been affected,” Lever said.
After people apply and get accepted for the payment pause, it will last about six to eight months.
Under certain circumstances, this pause can be extended. Lever said it’s up to the lenders like FHA, VA, Fannie Mae and Freddie Mac. Lever predicts the housing market to be about the same in six months as it is now.
“The market for homes previously lived in is very good. The prices might go up a little bit, might peak. I don’t think they are going to dramatically fall in six months,” Lever said.
About 11 million Americans have taken advantage of pausing their mortgage payments. Now is down to about 2.2 million. Click here for forbearance resources.
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