What A Balloon Payment Means and What Can You Do if You Got One?

Millions of mortgage borrowers have already applied for loan forbearance because of the uncertainty brought by the Coronavirus Disease of 2019 (COVID-19). However, some homeowners who have called their servicers were advised that they need to make a balloon payment once the deferment period ends. A balloon payment could be overwhelming if the pandemic has affected your finances.

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COVID-19 Forbearance Lump Sum Repayment “An Option”

Fannie Mae and Freddie Mac recently clarified that the lump sum repayment at the end of the loan forbearance plan “is an option for repaying missed payments”. The two government-sponsored enterprises (GSEs) also explained the other options for repaying the missed payments amid growing confusion among millions of homeowners who have sought forbearance after being affected by the Coronavirus Disease of 2019 (COVID-19) pandemic.

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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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