For some homeowners who have been financially impacted by the COVID-19 pandemic, there is a high level of concern about paying their mortgage. Fortunately, there are options to aid struggling homeowners from governments, financial institutions, and loan providers. The following information is intended to provide clarity on which financial relief options are available to you during this time.

What are my mortgage relief options?

Newly placed into law, the Coronavirus Aid, Relief and Economic Security (CARES) Act, provides two protections for homeowners with federally backed mortgages:

1. Your lender or loan servicer may not foreclose on you for 60 days following March 18, 2020. The CARES Act prohibits lenders and/or servicers from beginning a non-judicial foreclosure, or finalizing a foreclosure sale, against you within this time period. While 60 days has passed since this was put into place, it is still important to be aware of in the event that any of these actions were taken against you.
2. You have a right to request a forbearance for up to 180 days if you experience financial hardship due to the COVID-19 pandemic. You can also apply for a 180-day extension beyond the forbearance period. This does not require submitting additional documentation beyond your claim, nor will you incur additional fees, penalties or interest beyond what has already been scheduled.

Forbearance is…

• With forbearance, mortgage servicers and lenders allow you to pause or reduce your mortgage payments for a period of time while you get back on your feet financially.
• Different types of loans beget different forbearance options, understanding the differences and which options apply to your loan is key to navigating the forbearance landscape.
• Once your income is back to a normal level, contact your loan servicer and resume your payments.

Forbearance is not…

• Forbearance is not a means to forgive or erase your payments. Any missed or reduced payments still require payment in the future.

Which relief options do I qualify for?

The first step in discovering your mortgage assistance qualifications is to contact your mortgage provider. If you are unsure of how to get in touch with them, look at your mortgage statement for contact information or see what contact options are available online.

After you have successfully made contact, find out if your mortgage is federally backed. To be eligible for assistance under the CARES act, your mortgage must either be backed federally, or by one of the entities in the list below. These links show the agencies’ current advise and related loan information:

• U.S. Department of Housing and Urban Development (HUD)
• U.S. Department of Agriculture (USDA)
• Federal Housing Administration (FHA)
• U.S. Department of Veteran Affairs (VA)
• Fannie Mae – Loan Lookup
• Freddie Mac – Loan Lookup

For non-federally backed loans, contact your lender or servicer to learn more about their forbearance repayment options.

Today’s financial landscape can be stressful for homeowners, especially those that are struggling to keep up financially. Fortunately, these entities, institutions, and servicers have provided options to help lessen the burden. Knowing which options apply to you and your household will help you navigate through hardship as your finances recover.

If you’d like more information about where to start, an experienced Windermere Real Estate agent is ready to help. Click here to connect. 

Originally posted on Windermere.com by Sandy Dodge

There are many reasons to move to Camano Island: the relaxed island atmosphere, friendly neighbors, and beautiful scenery right in your backyard. Everything that island living has to offer coupled with modern conveniences like coffee shops, restaurants, and grocery stores make Camano Island a great choice for your next home.

Sometimes there are drawbacks to living in a beautiful place far away from the business of everyday life. This is why Camano Island is so special. We have beaches, state parks, a golf course, and a winery. Locals go boating in the summers and fresh crab is an island staple. While other islands can boast similar attractions, we can proudly say that we’re also twenty minutes away from the urban centers of Marysville, Mount Vernon, and Burlington which offer bix-box retailers as well as a much-loved outlet mall.

If you don’t feel like driving for twenty minutes to pick up a few groceries, that’s ok! Camano Island and Stanwood have several options for home necessities, including QFC, Mod Pizza, Starbucks, Rite Aid Pharmacy and more!

Looking for a place to grab a drink with a friend? Check out either of our two craft breweries or any one of our three artisanal coffee shops. If hiking and adventuring is more your style, look no further than Cama Beach State Park, or Camano Island State Park; located less than twenty minutes from anywhere on the island.

There’s also no need to worry about finding a gas station, either. In Stanwood and on Camano Island, take your pick of the six (competing!) fueling locations available.

Camano Island gives you the opportunity to experience life on vacation while still enjoying the convenience of living near a major urban center. Take a walk on the beach in the morning, then take a five-minute drive to Stanwood to do your afternoon shopping. Living “away from it all” doesn’t mean having to give up your access to civilization! Own a home on the beach and get your Starbucks fix every morning. Watch beautiful sunrises, and visit local boutiques and department stores.

When you live on Camano Island, we believe you can have it all.

This post originally appeared on windermerestanwoodcamano.com

Moving to an island can be challenging. To live on many islands in the Pacific Northwest you have to account for ferry schedules, as well as being far away from major shopping centers. Even things you don’t normally think about, like having a few different options for gas stations, or being able to quickly drive to the nearest recycling center, may be out of reach. For some people, island living is worth the drawbacks. Sure, you may not be able to visit the mall, but you get to settle down in a literal vacation destination.

When you live on Camano Island, you don’t have to choose.

We like to say that Camano Island is the “easy drive-on island” where there are no finicky ferry schedules, and no waiting in a crowded parking lot for hours at a time. Take a few minutes out of your day to cross a few hundred yards of bridge, and you’re on Camano Island! The island is close to several major urban centers: 20 minutes from Marysville or Burlington via I-5, and only 45 minutes from Bellingham or Shoreline.

Another great thing about living on Camano Island is getting away from rush-hour traffic. Typically, once you go north of Marysville, traffic eases up. When you want to go shopping in Burlington, for example, you don’t need to worry about planning your whole day around the trip! Hop across the bridge, cruise through Stanwood, and head north on I-5 for an easy twenty-minute drive.

Living on an island doesn’t have to mean giving up access to the rest of the world! On Camano Island, we like to think we have the best of both worlds: island paradise, with abundant convenience.

This post originally appeared on windermerestanwoodcamano.com