If you have been on the fence, trying to decide when the right time to buy may be, October may prove to be the best month this year to take the leap! Here are some of the top reasons why
Is Your Loan in Forbearance Due to Covid-19? Know Your Options to Avoid Foreclosure
Dated: June 15 2021
Views: 446
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....
Latest Blog Posts
There is more to curb appeal than what a potential buyer sees from the curb! Along with making your yard neat, picture perfect, and "welcoming" there are other things to also consider to make
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
The Highlights:In today’s whirlwind real estate market, houses are selling at astonishing speed – from sea to shining sea.Four years ago, the average house spent 39 days on the market.
© 2022 North Texas Real Estate Information Systems, Inc. All rights reserved. Disclaimer: All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Worth Clark Realty shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The database information herein is provided from and copyrighted by the North Texas Real Estate
The information being provided by Houston Association of REALTORS, Inc. is for the consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Any information relating to real estate for sale referenced on this web site comes from the Internet Data Exchange (IDX) program of the Houston Association of REALTORS, Inc. This web site may reference real estate listing(s) held by a brokerage firm other
The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
Based on information from the Austin Board of REALTORS®. Neither the Board nor ACTRIS guarantees or is in any way responsible for its accuracy. All data is provided "AS IS" and with all faults. Data maintained by the Board or ACTRIS may not reflect all real estate activity in the market.
IDX data last updated June 29, 2022 5:32 AM UTC
Information provided Courtesy of San Antonio Board of Realtors. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is believed to be accurate but not guaranteed. Provided courtesy of the San Antonio Board of Realtors. Copyright 2022 San Antonio Board of Realtors, All Rights Reserved. Data last updated June 29, 2022 5:20 AM UTC
The data relating to real estate for sale on this website comes in part from the Internet
Data Exchange (IDX) of the Greater Tyler Association of REALTORS Multiple Listing
Service. The IDX logo indicates listings of other real estate firms that are identified in
the detailed listing information. The information being provided is for consumers'
personal, non-commercial use and may not be used for any purpose other than to identify
prospective properties consumers may be interested in purchasing.
