Understanding Mortgage Forbearancce Plans, and taking advantage of them during the COVID Pandemic provides borrowers with options, but it’s important to understand how the programs work and what the impact of entering into a plan will have on the future of your mortgage.
Freddiemac.com defines mortgage forbearance as: One of the most common mortgage relief options is forbearance, which is offered through your loan servicer (the company listed on your mortgage statement). When entering forbearance, your mortgage payments are suspended until the end of the forbearance period.
There are many aspects of a mortgage forbearance plan that you will want to consider before entering into a plan. Here are links with information on mortgage forbearance plans during the COVID pandemic:
What You Should Know About Mortgage Forbearance
Forbearance Plans Hit Pandemic Low
Understanding Forbearance During COVID-19
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