Some Lenders Not Exercising Foreclosure and Granting Forbearance
Covid-19 CARES Act allows Forbearance on Mortgages
Lenders Agree Not to Exercise Their Legal Right to Foreclose on Some Mortgages – April 14th 2020
Reports from the MBA (Mortgage Bankers Association) say mortgage servicers are getting hundreds of calls from homeowners that are feeling the strain of COVID-19, unemployment and compromised household budgets. These homeowners are seeking temporary forebearance on their home loans. Please call my Lender Dean Wong at RPM Mortgage if you need assistance.
Before Covid-19 only 0.25 of mortgages were in “forbearance”. Now, we see the nearly 2 million loans have been granted forbearance which is 3.74% of all mortgages.
For relief check out this article that talks about the Forbearance provisions under the CARES Act