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    Worried about your mortgage payment?

    What is a forbearance? A forbearance is an agreement between a homeowner and their mortgage servicer (to whom they send their mortgage payments) to suspend payments for a period of time. The homeowner does not incur late fees or other penalties during the forbearance.

    Additionally, mortgage terms are unchanged, and the homeowner agrees to make up the accrued interest and payments in the future. Typically, a forbearance will affect a homeowner’s credit rating, however, there are a few differences in forbearances during COVID-19 which can be found on the Fannie Mae and Freddie Mac websites.

    Loan servicers have been instructed to provide mortgage relief options which include:

    • Ensuring payment relief by providing forbearance for up to 12 months.
    • Waiving assessments of penalties or late fees.
    • Halting of foreclosures and evictions of borrowers living in homes owned by the mortgage servicer until at least May 17, 2020 (Freddie Mac).
    • Suspending the reporting to credit bureaus of past due payments of those in forbearance due to the COVID-19 emergency.
    • Offering loan modifications for payment relief to keep mortgage payments the same after the forbearance period.
    • Borrowers are eligible regardless of whether their property is an investment, second home, or owner-occupied.

    Bottom line: homeowners who have the ability to pay their mortgage should do so. In the event you are unable to make a future mortgage payment, please call your mortgage servicer immediately and request assistance on forbearance under the new CARES Act.

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    Miranda and her husband Brent were absolutely wonderful in helping us find a great house in the Old Reno neighborhood. From beginning of the process to the end they were on top of everything …We highly recommend Miranda and Brent and will use them in the future.
    Silvia