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Is Your Loan in Forbearance Due to Covid-19? Know Your Options to Avoid Foreclosure
Dated: June 15 2021
Views: 427
In 2019 and 2020, many people were forced to take a forbearance on their loan due to econonomic hardships brought on by the effects of Covid-19. For many Americans, the forbearance ends the end of this month, June 2021.
Forbearance is not loan forgiveness. When loan forbearance ends, the borrow must resume making payments and uphold their agreement to repay the delayed mortgage payments. Just exactly how you make those repayments is a conversation you need to have with your lender about your options BEFORE the forbearance period ends.
There are many options your loan servicer may require for forbearance repayment. Some of these may include:
- Require borrowers to repay past due mortgage payments within 6-12 months of the forbearance period ending (six months for federally-backed mortgage loans and 12 months for Fannie Mae or Freddie Mac loans)
- Extend the mortgage term and add the excused payments onto the back of the mortgage
- Extend the mortgage term to 30 years (40 yeasr for Fannie Mae or Freddie Mac) and recalculate the monthly mortgage payments to be the same or lower than it was before the forbearance.
- Pay a lump sum of missed payments
Now is the time to be having conversations with your lender to know what options you may have regarding repayment. If your mortgage forbearance is ending soon, know what options are available to you in your specific circumstances. Don't wait until foreclosure is upon you.
Note: please consult your mortgage expert for information specific to your situation. This article is intended solely to bring awareness to forbearance ending and options which may or may not be available.
Charlene Stovin
Hello, I am so blessed to work with a highly experienced and professional real estate team that has over 80 years of direct real estate experience behind them. Our team thrives on offering exceptional....
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