Are you currently in forbearance or considering mortgage forbearance? If so, today is an important date and you need to watch this video today! In this video, the importance of today with regards to the forbearance process and what you should do if you are still in the process of making a decision whether to proceed with it or cancel and make your mortgage payment.
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Today, April 30, 2020 is an important date in the forbearance process because it’s the last date to either ask for forbearance or cancel your forbearance and make a mortgage payment before it could affect your credit score.
If you haven’t made your April mortgage payment yet and you aren’t in mortgage forbearance then you need to either make your mortgage payment today or call your lender/servicer and request forbearance mortgage. This is the FIRST thing you should do and you should do it today to avoid any negative credit activity on your credit report. Otherwise, your lender will likely report a late on your mortgage to the credit bureaus which could end up affecting you long term.Do not avoid the situation and think that it’s going to go away.
On the other hand if you are in forbearance and are in a position to make your mortgage payment and don’t want the uncertainty of how mortgage forbearance may affect your credit score then today is the day to make that decision.
What is a 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 mortgage plan that will, over a certain time period, bring the borrower current on his or her mortgage.
How does mortgage forbearance work?
This program is designed to help those that have been directly impacted by the coronavirus. Homeowners who have lost income or their jobs due to covid-19 could be eligible to have their mortgage payments reduced or suspended for up to 1 year. It all depends on their particular circumstances. You will eventually have to repay these missed payments. They will NOT go away.
If you have additional questions about forbearance, how will forbearance affect your credit or the process of forbearance then please contact me directly or comment below.
Thank you for watching.
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