An Update About Mortgage Forbearance

Has your income been affected due to the pandemic? Have you been considering skipping mortgage payments by taking advantage of programs available? Today’s message is an update to the video I did about mortgage forbearance in March. Today I’ll be explaining what’s happened since March, what to know before taking forbearance, your options, and more.

Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch the full message, or use these timestamps to browse specific topics at your leisure: 

0:05: Introduction to today’s topic

2:00: Two major questions to ask when considering forbearance

2:55: The CARES Act only addresses mortgages owned by federally backed entities.

Loan Lookup Tool

5:15: Options the CARES Act provides

6:20: What you’ll have to do to receive these benefits

7:10: Forbearance will not be reported as missed payments.

9:40: Wrapping up today’s topic 

Remember to be careful when taking advantage of these types of programs because sometimes not having full understanding can come back and bite you. However, if you truly need help, there are options for you. 

Additional Resources:
Guide to Coronavirus Mortgage Relief Options
USA TODAY -  Forbearance Article
Bankrate’s Survey
Bankrate’s Forbearance Guide

There’s much more than what can be discussed in a single video. If you have questions or want more information about forbearance, give me a call or send an email. I can help you find answers and provide clarity on these slightly murky waters. Be on the lookout for future videos!