Mortgage Forbearance is not Forgiveness
As a top real estate professional in Fredericksburg, Stafford Virginia I am getting a lot of questions about forbearance. If you are not sure which where to start and facing a hardship please reach out 540-834-6924. YOU HAVE OPTIONS! It is so important that you contact your lender immediately, the worst thing you can do is wait until you are unable to make your mortgage payments.
Please know not every mortgage servicing company is the same and they are handling things differently under the newly enacted CARES act. Due to Convid 19, the word forbearance is circling and while many homeowners are facing job loss due to the virus this may be an option for you. I am hearing many different scenarios of how each lender is handling the situation. The most common is that the lender will tell you that you can skip 3 payments and they will tack them on the mortgage which would be real and actual mortgage payment relief. However, other mortgage companies may tell you that you can skip 3 months of payments and then after 90 days you will owe 4 payments and they will also add a huge service fee on top of that.
My advice if you are facing financial hardship, you must assess your need and the most important thing you can do now is to contact your servicer. That is who you make your payments to each month. If you need help finding out who owns your mortgage please give me a call 540-834-6924, and I would be happy to help and direct you to information that will help you.
Be safe out there - Courtesy of Pam Martin, eXp Realty Fredericksburg, Stafford VA. 540-834-6924