Lenders Agree Not to Exercise Their Legal Right to Foreclose on Some Mortgages

Some Lenders Not Exercising Foreclosure and Granting Forbearance

Covid-19 CARES Act allows Forbearance on 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.

What is Forbearance?

For relief check out this article that talks about the Forbearance provisions under the CARES Act