What to do if you are in a Forbearance and it is coming due
Last week a client told me about an acquaintance of hers who had received their 3-month forbearance letter stating they now owed their lender $8,000. They got scared and sold their home to Opendoor. They did not know they had extension options or the ability to stay in their house. There is an extreme lack of information being shared on forbearance. On a recent webinar, I heard a representative from Freddie Mac say the servicers and Realtors need to be the ones talking about forbearance, not the lenders or GSEs (Fannie, Freddie, Ginnie). Yikes! Forbearance: Disclaimer: I do not think we are going towards a foreclosure crisis, nor do I believe that the forbearance numbers will be seriously detrimental to our market. The worst thing for the housing market is to have empty houses. We went through that 10 years ago. Forbearance is not new, but how they are structured today is. The CARES Act enabled significant changes to benefit the borrower. Forbearance is designed to keep homeowner...