What Does Mortgage Forbearance Mean?

As the pandemic continues to sweep throughout the world, many people have struggled to pay their mortgages. Thankfully, the Coronavirus, Aid, Relief, and Economic Security (CARES) Act established a 12-month maximum mortgage forbearance program for most loans. However, many people still are confused as to what the term means. Here we will explain what mortgage forbearance is and why it might be helpful for you.

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5 Important Forbearance Facts You Need to Know if Freddie Mac Owns Your Loan

Editorial | One of the hottest trending topics in the housing industry during the pandemic has been Forbearance. Millions of borrowers across the United States have been directly or indirectly impacted financially by the volatility of the current market and could potentially benefit from seeking a Forbearance. Many borrowers, however, are unfamiliar with how this type of mortgage relief program works. Borrowers must keep in mind that forbearance doesn’t erase what they owe. Instead, it provides options on how they can affordably repay missed payments later on. In essence, a forbearance is a written agreement that allows a borrower to reduce or suspend monthly payments for a specified time.   

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