FHFA & FHA just extended their Mortgage Forbearance deadline until the end of 2020 allowing homeowners with federally backed mortgages to request forbearance until December 31,2020. In this video, we discuss who still qualifies for mortgage forbearance and we go over the repayment options that were set up to repay those missed mortgage payments as a result of forbearance mortgage.
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Articles Referenced in this video:
➜➜In a bid for stability, FHFA and FHA extend forbearance policies – https://www.housingwire.com/articles/in-a-bid-for-stability-fhfa-and-fha-extend-forbearance-policies/
What is mortgage forbearance? Forbearance is when your mortgage servicer or lender allows you to pause (suspend), or reduce your mortgage payments for a limited period of time while you regain your financial footing.
The CARES Act provides a mortgage payment forbearance option for all borrowers who, either directly or indirectly, suffer a financial hardship due to the novel coronavirus (COVID-19) national emergency.
No documentation is required to prove your hardship beyond your assertion that you are suffering from such a hardship. However, if you can still make your mortgage payments, you should continue to do so.
A forbearance is a temporary postponement or reduction of mortgage payments. It is not payment forgiveness. Under the CARES Act, borrowers are entitled to an initial forbearance period of up to 180 days, upon a borrower’s request. Also, upon a borrower’s request, the forbearance must be extended for up to an additional 180 days. A borrower can, at any time the borrower chooses, shorten the forbearance and resume repayment of the loan.
What is a Payment Deferral? This mortgage relief option moves past-due amounts from missed payments to the end of your loan term so you can keep the same monthly payment while bringing your loan to a current status.
What is a Repayment Plan? With this option, you spread out your past due amount—added on to your current mortgage payments—over several months in order to bring your mortgage current.
What is a Loan Modification? Under this option, you reach an agreement between you and your mortgage company to change the original terms of your mortgage—such as payment amount, length of loan, interest rate, etc. In most cases, when your mortgage is modified, you can reduce your monthly payment to a more affordable amount.
I hope you appreciate this update on the real estate market 2020 for the housing market 2020 california as well as this mortgage forbearance real estate market update from your local Huntington Beach Real Estate Realtor, Jeb Smith.
What are your predictions for the housing market 2021 forecast and the housing market 2020 california? After watching this video, do you believe you should be buying a home this year or if now is the best time to sell a house?
Do you believe a house market crash 2020 or real estate bubble will happen? If so, why? What are your thoughts on the Orange County real estate market and the potential real estate crash for orange county real estate?
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Jeb Smith (Huntington Beach Realtor/orange county real estate)
DRE #01407449
Coldwell Banker Realty
➡I N S T A G R A M ➳ https://www.instagram.com/jebsmith
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