Loan Forbearance: How to Pay $0 For Your Mortgage
So with coronavirus causing havoc on the economy, the federal government has approved an unprecedented bill allowing you to defer your mortgage payments for up to 1 entire year!
Watch through this video to see how you can get approved to postpone your mortgage payments.
The government knows that with the rising unemployment numbers and domino effect that it creates on the economy, helping people with loans is in their best interest. Without this, people WILL default and lenders will come crashing down.
The Cares Act creates a new provision requiring lenders to give loan forbearance and deferment for all who ask, pretty much. Technically, you need to have a hardship as a result of coronavirus – a lost job or income that prevents you from being able to pay your mortgage on time.
All federally backed residential mortgages are included in the provision. This includes FHA, USDA, VA, Fannie Mae, Freddie Mac, etc. Chances are your loan is eligible – if you want to make sure, call your loan servicer for the information.
However, they are being extremely loose with their requirements. You don’t even need to provide any documentation showing the hardship – all you need is to verbally tell them. They are required to work with you on a mortgage deferment of up to 180 days, with an option to extend another 180 days.
All lenders are REQUIRED to work with you. All you need to do is call them and speak with them.
Now, I don’t recommend doing this if you’re doing it just to defer your payments because you want to. Only do this process if you are having hardships, because then I just feel like it’s taking advantage of the bill. You’ll also be clogging up the approval system and delaying someone else’s forbearance in the process.
Anyways, I hope this helps you out! Our economy is not prepared for this huge loss of employment, and rightfully many will run into problems paying their mortgage. It’s nothing to be embarrassed about, so I urge you to ask your lender for help.
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