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Mortgage Forbearance: The Who, What, When, Where & How
 
Mortgage Forbearance:
The Who, What, When, Where & How
 
 
No one knowingly buys a home envisioning that financial hardships lie ahead ...
 
Yet hardships and challenges come even when planning and preparations have been made.  
 
Those are the circumstances that many American homeowners now find themselves in.  The COVID-19 virus has delivered them to their home's door.
If you are one of those Americans that have been negatively impacted financially, either via loss of employment/work hours, income loss, other financial stresses, or health considerations due to COVID-19 ... you are definitely looking for a dose of good news.  And thankfully, there is some to share.
 
A large percentage of U.S. homeowners ... about 70% ... hold mortgages that are federally backed (Government-Sponsored Enterprise (GSE).   The recently-passed (3/27/2020)  Coronavirus Aid, Relief and Economic Security Act passed by Congress offers relief to homeowners that have financed their homes in this manner.  If you're unsure if your mortgage is federally-backed, contact your Mortgage Servicer or loan officer right away.  
(If you do NOT hold a federally-backed mortgage and you have a privately-held or securities-held mortgage:  Relief may still be available to you via other avenues.  Check with your mortgage servicer for further info).  
Mortgage forbearance is one option available to those homeowners that are presently experiencing COVID-19 related financial/payment difficulties ... and also have a ... more

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