Habitat for Humanity prepares for late mortgage payments
WICOMICO CO., Md. – With most mortgage payments due on the first of the month, Wicomico County’s Habitat for Humanity says it’s facing a tough situation because some homeowners aren’t able to pay.
Officials say about half of the non-profit’s forty homeowners still have a mortgage payment to make on their zero percent interest loan. They say those payments are a big source of the organization’s funding including payroll. Habitat has already agreed to waive late fees but they’re expecting that because some of their homeowners have been laid off that they won’t be able to pay this month or even next month.
“We service the loans that we offer so we can do quite easily loan modifications for our homeowners. There is a cost associated with that. It runs about $300 for attorney fees and refilling the documents with the court house,” says Molly Hilligoss, the executive director of Habitat for Humanity of Wicomico County.
Habitat for Humanity says those loan modifications are no different from a homeowner who has a mortgage through a different company or bank. So even though there’s a moratorium on evictions officials say there will likely be a back log of those mortgage payments once all of this is over.
Overall, experts say it’s important to get in touch with your lender as soon as possible if you expect to be late or unable to make your monthly mortgage payment.