As the coronavirus continues its chokehold on Americans and our economy, many are losing their jobs. For so many that means they cannot pay that mortgage payment. Now is the time for Congress to act to help the homeowners.

While our “leaders” in Washington, D.C., are looking at another package to help Americans, let’s hope the focus on that 35% to 45% of Americans who still own a home.

Some on the left don’t think homeowners should get any help. Why? Because they think only rich people own a home. So any kind of effort to help out the “rich” won’t find its way into a bailout package. On the right side of the aisle some thinks it’s your fault you can’t pay the mortgage.

Sad but we sent these people to Washington, D.C., to serve us. The best they can do to help us is create legislation in a pandemic that helps the Kennedy Center. Love the Kennedy Center and have enjoyed seeing a few performances on the place. Just having a hard time understanding the millions that Congress has to send to the place.

So you finally achieved the American dream. You own a piece of the rock. You have that 1900 square foot 3 bedroom home. You worked hard, saved your money, and you starting making those mortgage payments just 6 months ago.

Then, wham! A global pandemic hits and you and your better half are jobless. Wait, don’t worry you may eventually get unemployment and one of those unemployment bonus checks of an additional $ 600. This will save you!

We heard a lot of talk about saving our economy. Congress was going to have a 90-day payroll tax forbearance. This would allow you to pump cash into the economy. Objections rolled in on the left and right and Congress compromised with millions for the arts! Hey, is t it the “rich” that have the money to go see the arts in those fancy buildings? Better be careful you guys slipped and helped the rich!

So what have your banks, know as mortgage lenders got waiting for you? Forbearance that’s what. Oh that’s a 90 day “grace” period for those who lost their job and their business . It means you get a 90 day window to not pay your mortgage.

Make sure that you are speaking with that lender. Don’t stick your head in the sand and avoid them. While they can be rather ruthless it is possible they can help. Make no mistake those lenders want their money or they will foreclosure.

Forebearance of 90 days may be all the time some folks need. However, that likely won’t work for most. Because at the end of those 90 days your note and it’s last three months mortgage payment are due and payable. Unless you are very lucky you will also face stiff penalties all due in full.

So what will our Congress due  to help us? You can be sure the members of the House and Senate Banking Committee’s will be hearing from banks and lenders seeking protection from you and folks like you. Not much that will help you.

So, if you can’t pay that forbearance money back you will lose your piece of the American dream. Lenders will send you mail, they will call you, they tell you they want to help you, they want to help with a short sale, they want you to fill out new paperwork. After you comply, they tell you “sorry” and you weren’t qualified for assistance.

So you move in with family, friends, and or get an apartment. Getting the apartment wasn’t easy because you had bad credit now. But, hey, that’s OK because the Kennedy Center got millions and maybe you can go to D.C. and get a free seat or two. Maybe stay inside overnight before security kicks you out.

So, your government bailed out the big banks in 2008. Two presidents told us those banks were too big to fail. The mortgage program didn’t work well and “rich” folks bought those foreclosures by the hundreds and then turned them into rentals so the folks that lost them could rent them.

Those who lost their jobs need help. They don’t need a handout. A 90-day mortgage moratorium might help them. Maybe it needs to be 120 days. Let’s keep Americans in their homes and get them back to work.

Our economy can’t sustain a shutdown like this much longer. People need to work to live and, yes, some live to work.


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