Will I Have to Make a Lump Sum Payment After Forbearance

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The only thing scarier than COVID-19 is the thought of having to make a lump sum payment after forbearance. • #caresactmortgageforbearance, #mortgageforbearanceexplained, #mortgagepayments • After forbearance, those skipped payments need to be paid back, but most lenders will not require a lump sum payment unless you choose to. • If you have a federally backed mortgage, your path to mortgage forbearance and reinstatement options are very well defined by the CARES Act, passed into law on March 27th, 2020. • Over 70% of mortgages in the market today are federally backed. • 🇺🇸 FHA, VA and USDA loans are covered under the CARES Act • 🇺🇸 Fannie Freddie backed loans are covered under the CARES Act • Once you are back to work and able to begin making your normal monthly payment again, you and your servicer will need to find a repayment solution that works best for you. • If your loan is not federally backed, your options may not be as clear cut as is laid out in the CARES Act. Your servicer is not required to follow the guidelines in the CARES Act, but it is highly recommended that they do. • Understanding your options Empowers you to recognize if your servicer is not offering you all of the options you are entitled to during this national emergency. • --------------------------------------------------------------------------- • 😍 Was this helpful? Can I ask you a favor? • 🙏 Please SUBSCRIBE to our channel ☝️ • 👍 Like or share if you think it will help others • 🤔 Ask a question in the comments below ⬇️ • ---------------------------------------------------------------------------- • NEXT STEPS: Get Prepared | Be Empowered • Step 1: Visit https://ForbearanceReport.org - Find My Way Home created this resource to help you quickly and easily find your servicer's mortgage forbearance and payment reinstatement options. • The Most Important feature on https://ForbearanceReport.org is the ability to read and report real homeowner experiences with your servicer. We currently have over 60 servicers listed. • If you are having challenges reaching your mortgage servicer, or if you are receiving conflicting or confusing information, we have partnered with housing advocacy partners that can help you contact and communicate with your servicer at no cost to you. • Step 2: Get Prepared by taking advantage of a free, secure, digital financial locker that will empower you with the ability to act quickly once you finally reach someone in the loss mitigation department! • Get instant access to these features and more! • ✅ Monitor your Credit Score in Real-Time • ✅ Store Banking Information for paperless access • ✅ Store Employment information for paperless access. • ✅ Loan Modification Documentation at your Fingertips • ✅ Secure, Personal, and Powerful • ✅ Create Budget Goals and Track in Real-Time • Claim Your Free FinLocker Learn More Here - https://forbearancereport.org/finlocker • Step 3: Claim Your Lifetime Membership to America's Homeowner Alliance. Visit https://www.myaha.com/ and claim your FREE lifetime membership. Use promo code: aha2020 • Homeowners and aspiring homeowners need advocacy. America needs homeownership to fulfill the virtues of building communities, providing generational wealth, encouraging educational advancement, sustaining job growth, and delivering on the dream of hope and prosperity. • For more expert advice and empowerment: • We have been educating and empowering homeowners at https://FindMyWayHome.com since 2007. We are passionate about making sense of confusing and challenging times for home buyers and homeowners after the great housing recession of 2008. • https://FindMyWayHome.com specializes in these challenging issues: • 🎓 Qualifying for a mortgage when you have Student Loans - https://www.findmywayhome.com/student... • ⏱️ Waiting periods after bankruptcy, foreclosure, short sale or DIL - https://www.findmywayhome.com/waiting... • 🇺🇸 VA manual underwriting expertise - Don't take no for an answer! - https://www.findmywayhome.com/va-unde... • 🔓 Unlocking Portfolio loans for the self-employed - https://www.findmywayhome.com/portfol... • 🍎 First-time homebuyer education series - https://www.findmywayhome.com/first-h... • If you have a complicated question and would like an introduction to a loan officer that we know and trust, you can tap into our network of mortgage experts here - https://www.findmywayhome.com/ask-que...

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