There are currently 2.3 million homes in forbearance. If you’re reading this, your home or someone you know might be one of them. Read on to know why you’ll be able to retain your home.
48.9% Already Caught Up on Payments
Among the homeowners who were in the forbearance program, almost half of managed to pay during the pandemic. 26.6% were able to pay the monthly due, 14.7% paid back upon exiting and 7.6% paid through refinance or by selling their home.
The Banks are on Your Side!
You have the banks on your side now! Based from the housing crash last 2008, banks learned that it’s best for them to let homeowners keep the house.
50% of all mortgage loans in the country are backed by a Government-Sponsored Entity (GSE). Home Retention Actions, like repayment plans, forbearance plans, charge-offs in lieu of foreclosure, Home Saver Advances, and loan modifications are also present to help borrowers remain the owners of their homes while they find ways to make their loans to current or performing status. 35.5% of homeowners left forbearance through a repayment plan, 26.5% were given loan deferral, and 9% were given a loan modification.
The Government is on Your Side, Too!
In a recent article by Bloomberg, the Consumer Financial Protection Bureau warned mortgage companies that they will receive penalties if they do not do anything to stop the current of disclosure. The forbearance relief specifically aims to help homeowners get back on their feet during this pandemic.
Read the whole proposal of the CFPB here.
With the crisis occuring around the world, it is given that everyone, including homeowners should be given many options to get back on their feet and retain their homes. If that’s applicable to you, remember that you are not alone.
As a real estate expert, we understand your needs. Call us today so we can curate a plan that would be benefit your current state.