Please be aware of the impact of what Mortgage Forebearance means and make sure you understand how it effects you.
CARES Act information regarding mortgage forebearance during Covid 19 times specifies that a forbearance plan must be provided to any borrower who REQUESTS a forbearance with an attestation of the financial hardship caused by the COVID-19 emergency.
IF is is provided, this is what you should expect:
….. the payments which are the subject of a forbearance plan have only been delayed or reduced, not forgiven, and that once the forbearance plan is complete, one of the following must occur:
▪ the mortgage loan must be brought current through a reinstatement,
▪ the borrower is approved for another workout option,
▪ the mortgage loan is paid in full, or
▪ the servicer refers the mortgage loan to foreclosure in accordance with applicable law.
Please have a conversation with your Mortgage Servicer to confirm the steps for your mortgage, as not all mortgages are the same.
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Trish thoroughly explained everything, she made the process very smooth, and exceeded my expectations. She was able to get everything worked out and allowed us to close on time. Highly recommend Trish!!!
- Casey K.
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