By Catherine Reagor | The Republic
Foreclosures recently hit a 15-year low in metro Phoenix but could quickly climb as more homeowners can’t pay their mortgage because they lost income or jobs during the COVID-19 pandemic.
Already, a record number of Arizonans have applied for unemployment benefits as businesses have shuttered or scaled back operations to slow the spread of the coronavirus.
Help is being offered to homeowners. Most big banks and mortgage firms are suspending foreclosures for at least two months due to the economic and health crisis.
But don’t just stop making your home loan payments, housing advocates advise.
If you are struggling to make your mortgage payment, contact your lender to discuss options as soon as possible because they won’t automatically defer payments.
“It is also important for Buyers to keep their homeowners association payments up to date, and to contact their community manager to discuss possible changes to payment terms, if required.” ~ Cameron Carter, Partner and Director of the Transactional Department at Rose Law Group
