Kathy Johnson Finn and Lisa W. Larkin are both licensed to practice law and sell real estate in Arizona. They are uniquely positioned to offer joint consultation on matters relating to saving or selling your home in the current climate of COVID-19. Consultations are private, free, and no obligation. 

Here is an overview of options we can discuss with you:

• Forbearance - Homeowners with federally backed mortgage loans affected by COVID-19 can get a forbearance from mortgage payments for up to 180 days. During the forbearance, no fees, penalties, or interest will be added to the account. The forbearance is not automatic however; you need to proactively contact your loan servicer to request a forbearance. A forbearance will buy you time to review your options during this financial  crisis.
• Loan Modification - If you can demonstrate a financial hardship, you may qualify for a loan modification.  A loan modification usually resolves any past due arrearages by adding them to the back of the loan and allows you to start making a hopefully lower mortgage payment.  To reach the monthly mortgage payment numbers, the servicer may capitalize the arrearages, extend the length of the mortgage term (to 35 or 40 years), defer payment of a portion of the principal to the end of the loan, and/or reduce the interest rate.
• Bankruptcy Protection - If you do not have a federally-backed mortgage loan, or you have a private mortgage, the forbearance under the CARES Act does not apply so if you can’t make your payments, your mortgage company can foreclose on you and take your home. If you’re behind on your mortgage payments with no way to catch up, a bankruptcy can save your home. It would allow you up to 5 years to pay your arrearages. There is also a possibility of obtaining a loan modification through the bankruptcy.  Bankruptcy can also help with other debt you are unable to pay.
• Short Sale - If you owe more on your home than it is worth, you may be eligible for a short sale where your lender would take less for your home than what you owe. This can work even if there are multiple loans on the property.
• Traditional Sale - If you need to sell now, the resources of the MLS and RE/MAX are at your disposal. You may want to know what your home is worth,  what it would cost to sell it, and how we can accomplish this in the present COVID-19 environment.