How do you know if you qualify for Forbearance?

Corona virus mortgage relief options, how do you know if you qualify for Foreberance? What is Forbearance Stafford, Fredericksburg, VA, Find Out if you qualify for Foreberence, corona virus mortgage relief options, Call 540-834-6924, Pam Martin National Expert Real Estate Advisor Fredericksburg, Stafford VA.

If you are experiencing financial hardship and are having difficulty making your mortgage payments, you may be eligible for forbearance on your mortgage. Here are some steps to determine if you qualify for forbearance:

Contact your mortgage servicer: The first step in determining your eligibility for forbearance is to contact your mortgage servicer, which is the company that collects your mortgage payments. You can find your servicer's contact information on your mortgage statement or online account.

Explain your situation: When you contact your mortgage servicer, explain your situation and provide information about your financial hardship. This may include job loss, reduced income, or increased medical expenses.

Review your mortgage terms: Your mortgage servicer will review your mortgage terms and determine if you are eligible for forbearance. Many mortgage lenders and servicers are offering forbearance options to help homeowners who are impacted by the COVID-19 pandemic.

Agree on terms: If you qualify for forbearance, your mortgage servicer will provide you with the terms of the forbearance agreement, which may include a temporary reduction or suspension of your mortgage payments. It's important to carefully review these terms and understand how they will impact your mortgage and overall financial situation.

Overall, determining your eligibility for forbearance on your mortgage requires working closely with your mortgage servicer and being honest about your financial situation. It's important to take action as soon as possible if you are struggling to make your mortgage payments to avoid defaulting on your loan.

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 to 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 and make sure you understand the terms of the repayment options.
Stand your ground when negotiating 
Homeowners you will need to negotiate the best options and ask questions to make sure you understand the details of the repayment options being offered. Remember "forbearance is not forgiveness"
Are you still in financial trouble after forbearance, you have other options, consider a loan modification. If I can help answer any questions please give me a call at 540-834-6924. 
How do you know if you qualify for Foreberance? Courtesy Pam Martin, 540-834-6924. 

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