Coconino News

As COVID-19 continues to spread and companies are forced to limit hours or cut employees altogether, allowances are being made for individuals struggling to make monthly mortgage payments. 

According to AZ Central, Phoenix is expected to be hit hard by the fact that many homeowners will be unable to pay their mortgages, as Arizonans have already hit record highs for applying for unemployment benefits. 

Fortunately, large financial institutions and mortgage firms are putting foreclosures on hold for a minimum of two months due to the situation. 

Housing advocates have cautioned against simply not making mortgage payments, however, even in spite of the more lenient approach to foreclosures. Instead, homeowners should contact their lenders and explore options as payments are not automatically deferred. In fact, lenders can move toward foreclosure after a single missed mortgage payment in Arizona.

AZ Central reports that homeowners whose loans are backed by Fannie Mae or Freddie Mac are allowed to defer their mortgage payments for up to 12 months if they are having issues making payments due to COVID-19. Additionally, JPMorgan, Chase, Bank of America and Wells Fargo are suspending foreclosures due to the COVID-19 outbreak. 

President and CEO of the Arizona Bankers Association, Paul Hickman, explained that banks are altering their requirements because of the hardships caused by the virus. 

“Most banks around the state are willing to work with customers who have been affected by the COVID-19 outbreak,” Hickman said.

Gov. Doug Ducey announced that the majority of Arizona banks are suspending evictions and foreclosures for a minimum of 60 days, a period which may be extended. 

According to AZ Daily Sun, the Coconino Treasurer’s Office is allowing a number of accommodations for payments of taxes due to the virus. 

Property owners are invited to pay taxes at the drive-thru window at 2304 N. Third St., Flagstaff on Mondays and Wednesdays. Or payments can be made online, over the phone, by mail or at a drop box at 110 E. Cherry Ave., Flagstaff.