Apr 18 2021 52008 1

Dated: April 19 2021

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What to know about forbearance

If you own your home and are experiencing financial hardship as a result of COVID-19, you may be able to receive a forbearance plan.

Entering into a forbearance plan can give you some financial breathing room. A forbearance plan doesn’t erase the amount you owe on a mortgage, but it temporarily suspends or reduces your mortgage payment until your hardship is over. At the end of the forbearance plan, you must repay what you missed, but necessarily not all at once. There are several options to do it.

You will not receive late fees during your forbearance.

Talk with your servicer about your situation, so they can help you and give you the best mortgage relief option for your situation.

If you were current on your loan before you started a forbearance plan or another accommodation covered by the CARES Act, you will be reported as current to the credit bureau as long as you continue to make payments as required by the plan you’re set up in, or as long as no payments are required under the plan. 

Information from : https://www.fanniemae.com


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Ana Diaz

Ana has been a resident of El Paso for more than 12 years. She specializes in first time home buyers because she loves how excited they are to purchase a home and she loves sellers too. Ana knows tha....

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