IMPORTANT MESSAGE: MORTGAGE PAYMENT OPTIONS CLARIFICATION
Forbearance
Repayment Plan
The changing environment is impacting many people due to the COVID-19 Pandemic. Almost every aspect of our lives has been changed. Countless lives have been lost. Our economy has taken a huge blow due to the financial pressures brought by this Pandemic. Our hearts and prayers go out to the families of the countless lives lost and those battling for their lives. Our prayers also go out to the many men and women who have been classified as ‘Essential’ workers. Hats off to these brave souls who are making the ultimate sacrifice on the frontlines of our communities. One of the industries that have been impacted tremendously is the Mortgage and Banking Industry. As a 25+ year veteran of the Mortgage, Banking, and Community Development Industry, this is personal for me. Having lived through several market shifts, the mortgage industry is reeling at the moment. As a result, Congress passed the CARES Act (Coronavirus Aid Relief and Economic Security). This act is designed to help individuals, families, and businesses sustain our economy during the Pandemic and lay the groundwork for economic sustainability, recovery, and growth after it ends.
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Loan Modification
A substantial part of the CARES Act revolves around Mortgage payments. For current mortgage holders, several options are available. I will detail three of them in subsequent paragraphs, but I want to make it very clear that wherever possible, please make your payments and keep them up to date. There are three options; 1. Forbearance 2. Repayment Plan 3. Loan Modification.
