Palm Beach Real Estate News

Much of the country is practicing social distancing—and doing their part to stop the spread of COVID-19 by staying at home.

Social distancing at home can be a challenge and limit what you can do with your time. But if you’ve been thinking about putting your property on the market, this offers the perfect opportunity to get your home ready to sell.

recent article from Redfin outlined different ways sellers can productively use this time at extended home to get their properties ready to sell, including:

  • Clear the clutter. Have you been meaning to organize your garage, get rid of old furniture, or finally clean out your closets? Now is a great time to tackle any clutter-clearing projects—and get your home neat, orderly, and clutter-free for buyers.
  • Do a deep clean. When you show your home to prospective buyers, you want it to be sparkling clean. Take this opportunity to deep clean your home from top to bottom, including washing windows, cleaning grout in the bathrooms, and washing all your drapes, curtains, and blinds.
  • Up your curb appeal. It’s important to get outside and get some fresh air every day—so why not use that time to up your home’s curb appeal? Outdoor projects like raking and removing dead leaves and debris or adding potted plants to your front walkway are a great way to pass the time—and to make your home more appealing to buyers.
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Posted by Heather Smith on April 2nd, 2020 6:12 PM

The coronavirus pandemic is causing uncertainty across the nation—and for many, that includes financial uncertainty.

Luckily, there are options for homeowners impacted by the coronavirus. In a recent statement, Mark Calabria, Director of the Federal Housing Finance Agency (which regulates Fannie Mae, Freddie Mac, and the 11 Federal Home Loan Banks) called attention to options homeowners may have if they struggle to pay their mortgage during this time of crisis.

“To meet the needs of borrowers who may be impacted by the coronavirus, Fannie Mae and Freddie Mac (‘The Enterprises’) reminded mortgage servicers that hardship forbearance is an option for borrowers who are unable to make their monthly mortgage payment,” Calabria said in the statement. “For borrowers that may be experiencing a hardship, I encourage you to reach out to your servicer.”

The Federal Housing Administration also chimed in to remind homeowners of their options in a written statement: “The Federal Housing Administration (FHA) is reminding mortgagees of FHA’s loss mitigation program options, particularly in light of the recent reports on the Coronavirus (COVID-19). As with any other event that negatively impacts a borrower’s ability to pay their monthly mortgage payment, FHA’s suite of loss mitigation options provides solutions that mortgagees should offer to distressed borrowers – including those that could be impacted by the Coronavirus – to help prevent them from going into foreclosure. These home retention options are located in FHA’s Single Family Housing Policy Handbook 4000.1 Section III.A.2.”

The Takeaway:

What does this mean for you? If your finances are being impacted by the coronavirus and you’re worried you won’t be able to make your mortgage payments, get in touch with your lender. There are supports in place to help guide you through this difficult time.

Posted in:mortgagePosted in:mortgage reliefPosted in:pandemic and tagged: mortgagemortgage reliefpandemic
Posted by Heather Smith on March 26th, 2020 7:44 PM

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