COVID-19 Forbearance Ending?
When this COVID-19 pandemic started and the financial hardships began because of it, the whole country was scared. The thoughts of how we were going to pay our bills let alone our mortgages was top thoughts in our minds. The home is where we and our families live. “How are we going to survive” was racing through our minds. If we can’t work, we can’t make money. The whole country was looking for a solution.
This is when the government stepped in and told the mortgage companies they must allow all of their borrowers that didn’t have enough money to pay their mortgages to go into forbearance. This meant borrowers that couldn’t pay didn’t have to and would not be foreclosed on.
You Are Not Alone!
Millions Of People Are Having Troubles Paying Their Mortgage
This originally felt like the most wonderful help from the government and mortgage companies. Forbearance is now turning into another type of nightmare? It sounded good when banks were offering borrowers forbearance because of the pandemic. Everyone was out of work and had no possibilities to pay their mortgage(s). People never asked for the details of this Covid-19 Forbearance though. Most people thought forbearance was a kind of free mortgage payments (A sort of Mortgage Forgiveness) and they will not have to pay back the money. People are now finding out that forbearance is not mortgage forgiveness. Since the majority of people are back to work, the forbearance period is beginning to end and the borrowers are now being asked to pay back all the delinquent payments. That means your original mortgage payment plus a large amount of your delinquent payments must be paid each month.
The bank however never stated how the money is to be paid back though when people originally asked for the forbearance. They never stated that you are still paying interest on the unpaid forbearance.
Has the bank informed you that your monthly payments are now going up? Is the NEW PAYMENT above what you can afford? Does it seem unfair and your bank will not listen to you or try to help you anymore? We have the information you need along with your options.