If you were current on your loan before you started a forbearance plan or another accommodation covered by the CARES Act, you will be reported as current to the credit bureau as long as you continue to make payments as required by the plan you’re set up in, or as long as no payments are required under the plan.įannie Mae can help you learn more about what to expect on a forbearance plan and when you’re ready to move forward, you can start here. Talk with your servicer about your situation, so they can help you and give you the best mortgage relief option for your situation. At the end of the forbearance plan, you must repay what you missed, but necessarily not all at once. A forbearance plan doesn’t erase the amount you owe on a mortgage, but it temporarily suspends or reduces your mortgage payment until your hardship is over. If you own your home and are experiencing financial hardship as a result of COVID-19, you may be able to receive a forbearance plan.Įntering into a forbearance plan can give you some financial breathing room.
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