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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3 Mortgage Forbearance Payment Options for Struggling Homeowners

Starting to miss a mortgage payment is stressful. Mortgage servicers or lenders provide several options for homeowners, depending on their situation, who are struggling to pay their monthly mortgage. Mortgage forbearance is one of the few options mortgage servicers may offer to give distressed homeowners temporary relief with their mortgage obligations.

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