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Mortgage | Biggs Realty Blog

Saturday, January 30, 2021   /   by Kenneth Brands

After Forbearance – Now What?

Covid-19 has impacted homeowners across the country. With job losses and income reductions, many have taken advantage of the ability to enter a forbearance program with their lenders. During the forbearance program, the agreements state that no late fees will be assessed, and the balance of missed payments will be deferred to the end of the loan. As a result, many homeowners have been able to keep their homes during this time of economic upheaval. Some of these affected may now have stabilized incomes and are ready to exit forbearance. They might be wondering if they will be penalized for this if they choose to refinance or buy a new home. Fortunately, there is good news for these homeowners. Part of the program is that the lender will not report these late payments to the credit bureaus so the borrower will not have that issue to contend with when they are ready to find a new loan. Lenders understand that this is a unique situation and that it is not representative of the way a borrow; ...

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