TLDR: Lenders are being encouraged to allow borrowers to defer their mortgage payments, but you need to reach out to your mortgage loan servicer to figure out the details! BEFORE missing a mortgage payment, talk with your lender and make sure you qualify AND are clear about the terms.
IMPORTANT INFO FOR BORROWERS CONSIDERING MORTGAGE RELIEF DUE TO COVID-19:
- Not all borrowers are eligible.
- Terms of forbearance are determined by individual lenders.
- Be prepared to pay back FULL forbearance amount at the end of deferment.
Let us help you! If you are considering seeking mortgage relief or forbearance, please reach out to us for guidance. This is a service we are offering FREE OF CHARGE!!!
DEEP DIVE INTO MORTGAGE DEFERMENT
The two biggest sources of mortgage loans, Fannie Mae and Freddie Mac, unveiled a new “payment deferral” option that will allow borrowers facing a hardship to defer their mortgage payments. BUT:
*** The unpaid principle AND interest will be added to your current principle balance***
What it means: A balloon payment at the end of your deferment. You heard right… depending on your lender and what the terms of your forbearance are, you may have to make up your deferment in as little as the 3rd month.
This is a hard time for everyone and we want to help as much as we can! We are experiencing the highest unemployment filings ever in such a short period of time. Our borrowers are being affected, along with our families and friends.
If you contact your current loan service provider, please let us review your terms of forbearance if you are thinking of going that route. There may be a hidden agenda! This is a FREE service we are offering. We want nothing more than to help you make the best financial decision for you and your family!
Learn More from Our Sources:
*Obligational Disclaimer: This is a volatile time with call-to-action items and recommendations stated by both federal and local government agencies being changed daily. What we say here, is what we know to be true on the date posted. For updated info, follow the links above.