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.
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COVID 19 FORBEARANCE VIDEO FROM THE CFPB
COVID 19 MORTGAGE FORBEARANCE
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.