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). Most people never asked for the details of this Covid-19 Forbearance though. Most people were just thankful they would not loose their property. Most people got the feeling that forbearance was a kind of free mortgage payments (A sort of Mortgage Forgiveness) and they will not have to pay back the money (because this was a world wide pandemic). 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 or has ended 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.

READ This Post Put Out By Freddie Mac

about Mortgage Forbearance Ending.

Click HERE

Again, even reading the above article. It ALL sounds good until they actually tell you the actual cost of getting out of the forbearance. The numbers they give represents mortgages like in the mid-west or middle of the United States. 3 Months of $1,000 is only $3,000. That’s not much. In California, those same 3 months are a minimum of $9,000 and up to $30,000. When you take it out to 12 months. It’s an absolute crazy amount to pay back!