{"id":63831,"date":"2020-03-21T02:53:18","date_gmt":"2020-03-21T02:53:18","guid":{"rendered":"https:\/\/www.thefastfashion.com\/?p=63831"},"modified":"2020-03-21T02:53:18","modified_gmt":"2020-03-21T02:53:18","slug":"good-news-worried-mortgage-payments","status":"publish","type":"post","link":"https:\/\/www.thefastfashion.com\/?p=63831","title":{"rendered":"Good news for those worried about mortgage payments"},"content":{"rendered":"<p>Homeowners facing financial hardship because of the coronavirus pandemic could delay their mortgage payments for up to a year.<\/p>\n<p>Fannie Mae and Freddie Mac, the government-sponsored enterprises that back millions of mortgages, this week said loan servicers could suspend payments for up to 12 months for homeowners experiencing a loss of income due to the outbreak of COVID-19.<\/p>\n<div class=\"e3lan e3lan-in-post1\"><\/div>\n<div class=\"e3lan e3lan-in-post2\"><p style=\"text-align: left;\"><strong><em>Adv<\/em>.<\/strong><\/p>\r\n\r\n<ul>\r\n \t<li style=\"text-align: left;\"><a href=\"https:\/\/www.bagfactory.com.hk\/216\" target=\"_blank\" rel=\"noopener\"><span style=\"color: #ff0000;\"><strong>Sun Winning Ind Co<\/strong><\/span><\/a>: Manufacture of Canvas Bag, Recycle Bad in China<\/li>\r\n \t<li><span style=\"color: #ff0000;\"><strong><a style=\"color: #ff0000;\" href=\"https:\/\/www.theunitravel.com\/\" target=\"_blank\" rel=\"noopener\">TheUniTravel.com<\/a><\/strong><\/span> : Find the latest\u00a0<em>travel<\/em>\u00a0and tourism\u00a0<em>news<\/em>\u00a0from around the world. Stay informed with\u00a0<em>travel news<\/em>\u00a0and\u00a0<em>updates<\/em><\/li>\r\n \t\r\n<\/ul>\r\n\r\n<\/div>\n<p>The forbearance period excuses any penalties or late fees against borrowers, and the delays in payment would not be reported to credit agencies, according to Fannie and Freddie.<\/p>\n<p>\u201cThe last time this happened, in the recession, this was absolutely negatively impacting people\u2019s credit scores as their payments were derogatory,\u201d said Scott Sheldon, senior loan officer at Sonoma County mortgages.<\/p>\n<p>Servicers should also offer other payment relief options like loan modifications, typically reserved for natural disasters. Fannie and Freddie also suspended all foreclosure sales and evictions for 60 days.<\/p>\n<p>\u201cFannie Mae, along with our lending and servicing partners, is committed to ensuring assistance is available to homeowners in need,\u201d said Malloy Evans, senior vice president and single-Family chief credit officer at Fannie Mae,\u00a0in a press release. \u201cWe encourage residents whose employment or income are impacted by COVID-19 to seek available assistance as soon as possible.&#8221;<\/p>\n<h2>Who qualifies?<\/h2>\n<p>You don\u2019t have to have the virus to qualify for payment relief, both agencies said. The relief also applies to any type of property: your primary home, second home, or investment properties.<\/p>\n<p>Fannie and Freddie can reevaluate the borrower\u2019s ability to pay during the\u00a0forbearance period to make sure the plan is still needed. After the forbearance period, Fannie and Freddie told servicers to work out an affordable repayment plan with the borrower, which could include extending the term of the loan.<\/p>\n\n<p>But it\u2019s the homeowner\u2019s responsibility to contact their mortgage servicer if they are struggling financially.<\/p>\n<p>\u201cWe ask that servicers be responsive to potential requests for assistance from borrowers who may be impacted by COVID-19,\u201d said Kevin Palmer, senior vice president of single-family portfolio management at Freddie Mac.<\/p>\n\n<div style=\"font-size: 0px; height: 0px; line-height: 0px; margin: 0; padding: 0; clear: both;\"><\/div>","protected":false},"excerpt":{"rendered":"<p>Homeowners facing financial hardship because of the coronavirus pandemic could delay their mortgage payments for up to a year. Fannie Mae and Freddie Mac, the government-sponsored enterprises that back millions of mortgages, this week said loan servicers could suspend payments for up to 12 months for homeowners experiencing a loss of income due to the &hellip;<\/p>\n","protected":false},"author":1,"featured_media":63832,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[38],"tags":[4083],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.7.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Good news for those worried about mortgage payments - TheFastFashion.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.thefastfashion.com\/?p=63831\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Good news for those worried about mortgage payments - TheFastFashion.com\" \/>\n<meta property=\"og:description\" content=\"Homeowners facing financial hardship because of the coronavirus pandemic could delay their mortgage payments for up to a year. 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