How do you know if you qualify for Forbearance?

How do you know if you qualify for Forbearance? 
Check out the information below, if you are still not sure which way to go or just have a question, please reach out 540-834-6924. 
 
To qualify for forbearance, a borrower must have a mortgage-backed by one of the following federal agencies that are eligible for relief under the CARES Act  
 
Fannie Mae
Freddie Mac
The Federal Housing Administration (FHA)
The U.S Department of Veterans Affairs (VA)  
The U.S Department of Agriculture (USDA)
 
Almost half of all mortgages in the U.S are backed by Fannie and Freddie find out here if your loan is with  Fannie or Freddie. 
 
Be prepared to answer questions
Why can't you make your payments?
Is your financial hardship temporary or permanent?
Are you a service member?
What is your current state of income?
 
Get your forbearance agreement in writing
Once you secure forbearance or any other mortgage relief option be sure to get written documentation that confirms the details of your agreement. This will protect you from any errors on your mortgage statement or credit report.
 
Balloon payment lookout for this
Be sure your forbearance is not a deferred loan payment that would be due at the end of the forbearance. Ask questions make sure you understand the terms of the repayment options.
 
Stand your ground when negotiating 
Homeowners you will need to negotiate the best options, ask questions to make sure you understand the details of repayment options being offered. Remember a "forbearance is not forgiveness"
 
Are you still in financial trouble ofter forbearance, you have other options, consider a loan modification. If I can help answer any questions please give me a call 540-834-6924. 
 
How do you know if you qualify for Foreberance? Courtesy Pam Martin, 540-834-6924.