If you are like millions of other families facing financial hardships, there is now a better way to sell your home and potentially still be able to live there. Cody Oakes, owner of the 501c3 “Buy The Door“, has innovated the housing industry by offering affordable housing to those facing financial distress. Mr. Oakes explained it like this, “if you are facing financial problems based on today’s troubling economy, “Buy The Door” is here to help you. Inflation, increased taxation, bankruptcies, loss of employment, and other factors have made this economy especially stressful for a lot of families.”
During the Covid-19 and other variants pandemic, along with other adversities over the last few years, many homeowners found themselves struggling to make mortgage payments. The biggest expense that a homeowner family faces today is their mortgage. Today’s economy is placing more and more stress on families who have a mortgage and in some cases, forcing families to lose their homes back to the banks or financial institutions. ‘Buy The Door’ was created to help these financial victims by giving these families hope in knowing that creditors or banks will not be knocking at their door demanding mortgage payments. Oakes went on to explain that “in some cases, “Buy The Door” is a family’s only hope for financial freedom.”
During the pandemic, if your home mortgage was backed by HUD/FHA, VA, USDA, Fannie Mae, or Freddie Mac, you had the opportunity to apply and receive a COVID hardship forbearance for up to 180 days. What the loan institutions did not tell you is that once the 180 days is up, you could owe the full amount of monthly back pay to the mortgage company, depending on how your mortgage is set up and how the mortgage company’s guidelines are on seeking back mortgage payments. This “surprise” to some homeowners leaves them owing potentially thousands in back pay to the lending institution. This dilemma, along with a sputtering economy, is the perfect storm for families to lose their homes. “Buy The Door” is here to help these families by offering the opportunity to purchase homes from these families and relieving them of the stress of owing so much money. This also allows the families to keep their credit intact and also helps them either find a place to live or the possibility of remaining in some house and renting from “Buy The Door”.
Oakes went on to say that “the foreseeable forbearance cliff is extremely volatile and threatens to expose millions of unemployed and underemployed homeowners to foreclosure, bankruptcy, or pressure to sell prematurely. This will especially affect the low to middle-income families who are already struggling in a flat economy.” This group of homeowners has been hit especially hard by the pandemic and is falling behind on their mortgages. Many are struggling to find quality jobs that pay a living wage while studies show that 57% of low to middle-income families said their post-pandemic income declined. With higher inflation outpacing wage growth, those who are employed, about 4 in 10 (39%) earned less income because they are now working fewer hours. Another 18% reported working more hours but not earning enough to replace their income pre-pandemic, mainly due to soaring inflation. Notably, men were far more likely (23%) than women (11%) to report working more hours; this result is consistent with widespread reports on structural hurdles, such as disproportionate parental and elderly care responsibilities, that continue to delay women’s return to employment or the job market.
All in all, the present economic conditions are causing real havoc to those teetering on an already unstable financial footing and usually, the first big payments to miss are the mortgage payment followed by state and federal taxes, increasing land taxes, and eventually automobile payments. Unfortunately, the immediate future does not look any brighter for these suffering families. Rising gas prices along with increasing fuel-oil prices are another stumbling block that increases financial pressure on families.
If you are someone that you know is facing financial hardship, don’t delay in getting in touch with your mortgage company and speak to them about paying your mortgage. If you feel that this opportunity does not exist for you, then get in touch with the nonprofit, “Buy The Door“. “Buy The Door” is willing to help you discover your best route to financial freedom from your mortgage. In some cases, “Buy The Door” can buy the house from you and even let you live in the house for a specified period. In any case, you need to get help, and “Buy The Door” is here to help you.
Buy The Door
650 Henderson Dr