Homeowners Can Get Help During Pandemic

Mar 8, 2021, 7:29 AM

SALT LAKE CITY, Utah – Utah’s housing market is booming, and that’s making so many homes unaffordable. Utah’s foreclosure rat

The foreclosure rate is also rough right now.

At the beginning of 2021, Realty Trac showed Utah posted one foreclosure for every 9,300 housing units. That’s 33% higher than the national average. It’s the seventh highest rate of foreclosure in the country and the highest rate west of the Mississippi.

Rich, Uintah and Utah counties have the highest rates of foreclosure in the state.

It’s important to note that this is nowhere near the rate of foreclosures that happened during he great recession of 2008-09, but there are still thousands of struggling families trying to figure out how to keep their homes.

“If you’re having financial difficulty, getting a forbearance sooner than later is very important,” said Danielle McCoy with Fannie Mae. “Because if you get a forbearance before you’re delinquent, your credit report is not impacted. Your credit report will still show you’re current even while you’re in forbearance.”

McCoy said the worst thing a person can do is ignore the looming financial crisis. Those who have lost their jobs due to the pandemic, lost hours, or don’t make as much as they once did might have some help available.

A forbearance could help those who are among the millions of Americans with federally-backed loans.

There are a few different repayment options for those who’ll need to hit the pause button.

To see if you qualify, go to knowyouroptions.com.

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Homeowners Can Get Help During Pandemic