See how I got mortgage forbearance for 6 months, aka $0 mortgage payments for 6 months thanks to the Cares Act! Follow along as I make a phone call to my mortgage servicer in order to find out what kind of mortgage relief they're offering in terms of mortgage forbearance and deferred payments to the end of the loan.
Want to skip to the actual mortgage forbearance call? 3:20 ;)
Be sure to ask these questions when you call your lender (mortgage servicer):
1. How long of a mortgage forbearance are you offering? (How long can you stop paying mortgage?)
2. How are the deferred mortgage payments repaid following the forbearance period? (Will I be expected to pay all mortgage payments at once following the forbearance period? Can these deferred mortgage payments be added to the end of my loan? Will I need to make any loan modification at the end of the forbearance term?)
3. How will these delayed payments affect my credit?
4. Are there fees associated with these delayed payments?
5. How is escrowing handled? Will I need to cover my taxes and insurance or will that be included in the mortgage forbearance? (Will the mortgage servicer continue to pay into escrow?)
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In a previous video, • NO MORE MORTGAGE PAYMENTS FOR 1 YEAR?! (FH...
we announced that Fannie Mae, Freddie Mac, and HUD had suspended all foreclosures and evictions in a foreclosure freeze that would last 60 days.
Since then the Cares Act was signed, which gave more direction to lenders and mortgage servicers and banks on how to handle this unprecedented situation with most of America on lockdown.
Included in those support options is the ability to defer mortgage payments - those deferred payments can be added to the end of the loan - but MAKE SURE that you check with your bank or lender or mortgage servicer on that. DO NOT ASSUME IT WILL BE THE CASE. Also, get everything in writing!
These mortgage forbearance / deferred payments will be handled on a case-by-case basis and can be extended on a month-to-month term with no negative credit bureau reporting for up-to-date clients.
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#MortgageForbearance #StopPayingMortgage #MortgagePayments #CaresAct
#MortgageFreeze #LoanModification #Mortgages
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