LENDERS SHOULD ALLOW MORTGAGE PAYMENTS BE ADDED TO END OF LOAN

LENDERS SHOULD ALLOW MORTGAGE PAYMENTS BE ADDED TO END OF LOAN

Started
March 18, 2020
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Signatures: 11Next Goal: 25
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Why this petition matters

Started by Marianne Finney

Due to the mandatory shut down of numerous businesses, countless people have lost their jobs. Although President Trump has made clear that during this time there will be no foreclosures, I feel that is not enough. It will be an uphill battle for far too many people to "catch up" on their back mortgage payments. Landlords will never see back rent from tenants and since landlords are generally last people to be paid this offers security to both landlords and tenants.

I propose that lenders offer mortgagors the option of tacking back mortgage payments on to end of note from the day of mandatory shut down until the day those jobs are reinstated.

Although many folks qualify for unemployment, many will still not be able to meet their mortgage obligations. Small business owners have been hit hard too, and might not meet the financial requirements to qualify for unemployment.

 

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Signatures: 11Next Goal: 25
Support now