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As the COVID-19 pandemic lingers, more and more people are facing job loss and financial difficulty. 

In fact, since the crisis began, over 3.4 million Americans have entered a mortgage forbearance plan to help them stay financially afloat. Mortgage forbearance allows homeowners to pause their mortgage payments for up to a year while dealing with short-term hardship. 

If you’re a homeowner, here’s what you need to know about mortgage forbearance and whether it’s the next right step for you and your family:

  • Most lenders do not require proof of financial difficulty outside of verbal or written verification from the borrower.
  • You can receive forbearance for up to one year, during which time lenders cannot foreclose on your home.
  • If you have a federally-backed mortgage from Fannie Mae and Freddie Mac or a VA, USDA, or FHA mortgages, there are several repayment options available when the forbearance period ends. You will not be required to make a lump-sum repayment.
  • Homeowners with privately-owned mortgages may be eligible for forbearance and loan modification plans directly from their lenders.
  • Mortgage forbearance will not negatively impact your credit report
  • Interest will accrue during the forbearance period, but it doesn’t have to be repaid until later.
  • You can sell your home in forbearance. However, the forbearance amount would become due upon the sale of the property.

If COVID-19 has impacted your finances, talk to your lender as soon as possible about your mortgage relief and repayment options. 

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Sunday, July 12, 2020