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Mortgage Forbearance

A mortgage forbearance agreement is an agreement made between a mortgage lender and delinquent borrower in which the lender agrees not to exercise its legal right to foreclose on a mortgage AND the borrower agrees to a repayment plan that will, over a certain time period, bring the borrower current on their payments.

COVID 19 Mortgage FORBEARANCE

COVID-19 Provisions

 Fannie Mae and Freddie Mac  have released guidelines for borrowers and lenders 

  • Homeowners adversely impacted by this emergency, may request mortgage assistance by contacting their mortgage servicer.
  • Mortgage forbearance provided to reduce or suspend payments for one to twelve months.
  • No penalties or late fees for homeowners in a forbearance plan.
  • Lenders must suspend reports to credit bureaus of past-due payments for borrowers in a forbearance plan.
  • After forbearance, lender is mandated to "work with the borrower on a permanent plan to help maintain or reduce monthly payment amounts as necessary, including a loan modification".   CCBC can help with this repayment or modification request.  

COVID 19 Mortgage Assistance

Stay Healthy!