One Good Story: Our Boise Community

Last week, the Yes You Can (YYC) team spent some time calling the clients on our Active Homebuying Program List. Many of our clients have income barriers to buying a home. We maintain a mentor relationship with them as they work to overcome those barriers.

Looking through notes for each household, the YYC team determined who may be at risk for unemployment right now due to COVID-19.

Terry, our YYC Program Coordinator, talked with one of those families. They are a family of five and the husband works more than full time for a cleaning company.

She asked them if there was any way that we could help them.

With that question, the floodgates opened.

They expressed their fear that he is going out to clean without the proper personal protective equipment (PPE) and how afraid he is to bring the virus back to his family. They also talked about their:

Low food supply
Lack of cleaning supplies
Dwindling supply of, yes, toilet paper

The husband has been doing the grocery shopping and has come home empty handed.

Terry told them she would do what she could for them, and reached out to Cathedral of the Rockies and the IRC. Cathedral is sending them a Winco gift card to shop for groceries. IRC is bringing them toilet paper, cleaning supplies and some of the other things on their list.

No hesitation, no questions about if they qualify for assistance. Simply, "there is a need, let us fill that need."

We love this community. Thank you for partnering with us to build hope!

Yes You Can community Update

The Yes You Can team – Nate Walsh and Terry Graves – are innovating the approach used to increase housing stability among Yes You Can clients and  homeowners. We are working diligently from our homes to make a difference.

Nate is still showing homes and making connections with lenders using best social distancing practices. Terry is working from home using video chat, texting, email and phoning clients to serve in compliance with the COVID-19 guidelines stated by the CDC.

Market activity has not come to a halt in the Ada County. REALTORS®, home buyers, and sellers are turning to technology and following CDC recommendations to stay safe during the COVID-19 pandemic. https://t.co/h8wKFLiLbb

— boirealtors (@boirealtors) April 7, 2020

Our primary focus the past 10 days has been outreach to our YYC Homeowners and Participants. Homeowners have all received information about the CARES program. Borrowers with federally backed mortgages are eligible for mortgage forbearance under Section 4022 of the CARES Act. For homeowners, find more information at LEAP’s Mortgage Assistance Resources Blog Post.

Individuals with single-family mortgages may write to their mortgage servicer requesting forbearance for 180 days due to COVID-19-related difficulties. In such a case, no additional fees, penalties, or interest outside of normally scheduled terms may be levied on the borrower.

The services may extend the period for an additional 180 days at the borrower’s request. The borrower may also request the initial or extended period be shortened. The mortgage servicer may not require any additional documentation of distress outside of the original claim of the borrower.

Homeowners who do not have a federally backed mortgage were given information about contacting their mortgage lender to ask for forbearance if the COVID-19 crisis has caused them to lose their jobs or have had a reduction in hours.

For participants who have not yet purchased their home, information was sent regarding the Disaster Unemployment Assistance Program which extends benefits to those who are self employed or are Contract Workers.

Many of our participants are New Americans who may not be aware that Unemployment Assistance could be available to them at this time. The Yes You Can team wants to make sure that they can take care of themselves and their families during this difficult time. Visit the Yes You Can page for more information.

If you need us, please call or text Nate at 208-488-5792 or email him at nate@idahopropertypeople.com

You can reach Terry by phone or text at 208-695-8063 or email her at terry@leapcharities.org

Mortgage Help for Homeowners Impacted by the Coronavirus

With the growing financial uncertainty regarding the Coronavirus, the US Government is taking steps to help people who may have trouble paying their mortgage.  One way in which the government is trying to help is with the CARES act. This allows the government to grant relief if you have a government insured loan through FHA, Fannie Mae, or Freddie Mac.

In other terms, if you are paying your mortgage to HomeLoanServ then you may qualify for this program. Call Idaho Housing immediately at 800-526-7145 or email them at  support@homeloanserv.com.

If you become ill, lose your job/hours, are quarantined, or experience any other financial hardship resulting from the Coronavirus, then you may be eligible to receive a mortgage forbearance (a pause on making your mortgage payment) for up to 12 months. During this time you may be be eligible for the following:

• A six-month pause on making your mortgage payment with an option to extend for an additional six-months

• An exemption from late payments

• An exemption from delinquencies reported to the credit bureaus

• A suspension of foreclosure and other legal proceedings

There may be further assistance in the future to help as well.

If you are unfamiliar with the word “Forbearance” the term means your payments will not be owed in the present, nor will non-payment affect your credit. It’s like a pause. Payments will still need to be made in the future. Interest may continue to accrue during this time, however. You will be able to end your forbearance when you wish.

The main takeaway: Call HomeLoan Serv now. There may be help available.