what is mortgage forbearance | The Kwak Brothers

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July 14, 2020

Mortgage Forbearance: NEW Changes Explained (CARES Act)

Mortgage Forbearance! With the economy the way it has been and the COVID re-surging in certain states, we’re starting to see businesses close back up which means that we may see another round of furloughing which ultimately leads back to employees and business owners not getting paid to pay for their mortgages. As part of the CARES Act, homeowners with federally backed mortgages can now request up to 6 months of forbearance plus an additional 6 months if needed. Few months ago, I did make a video about the mortgage forbearance and its potential crisis. Well just recently, a new change has been made on July 1st that affects mortgage forbearance for homeowners with FHA, VA, Fannie Mae, Freddie Mac loans. So let’s go ahead and break down what the new changes are and how it can affect your credit, future financing, and what options you have available after the forbearance. So what exactly is a mortgage forbearance and how did the CARES Act tweak it. Mortgage forbearance is a temporary relief of having to make your mortgage payment due to financial hardship. Traditionally, banks could potentially charge you fees, interest, and other penalties for taking a mortgage forbearance. Additionally, it could definitely have a bad stain on your credit for some time. However, with the CARES Act that came into effect back in March, banks cannot charge any fees, additional interest, or penalties on the missed payments under the forbearance nor could the banks report any negative information on your credit report other than a remark that your mortgage is on a forbearance. And remember, a forbearance doesn’t mean that your missed payments disappear. They have to be repaid with some kind of a plan. If you were on a forbearance but now you are able to make the payments for 3 months, you can now get new financing as if the forbearance never happened. That’s really good news! This rule used to be 12 months where you had to make satisfactory consecutive payments. And when it comes to credit, your credit will not be affected by the forbearance other than a remark/note on your credit. Which is also good news. So with that being said, let’s discuss the July 1st changes to the mortgage forbearance where the FHA has announced clarifications as to how missed payments will be treated under the mortgage forbearance plan (CARES Act) The BIG change is that any missed payments don’t have to be paid back in a lump sum manner at the end of the forbearance. Instead, the missed payments are now added to the back-end of the mortgage where if the home is sold, refinanced, or is paid off – the missed payments are then paid off. So if you’re currently in the mortgage forbearance plan… like right now… your mortgage loan servicer will contact you within 30 days of the plan to discuss the repayment plan so definitely lookout for that. In fact, Fannie Mae created a webpage with a script / possible scenarios for the repayment plan: https://singlefamily.fanniemae.com/servicing/covid-19-forbearance-script-servicer-use-homeowners?_ga=2.90498650.1380039291.1594312872-1385117231.1594312872 So just to wrap things up… taking a mortgage forbearance and its consequences have become less harsh and it sounds like there’s little to no consequences… Anyways, if you’re a really tight spot right now and taking the mortgage forbearance is the ONLY option, you can do so and I hope this video gave you some insights as to what it means to take a mortgage forbearance. #mortgageforbearance #caresact #realestate