Mortgage Crisis Cancelled

The Bureau of Consumer Financial Protection (Bureau) proposed an amendment to the Real Estate Settlement Procedures Act (RESPA) to assist borrowers affected by the COVID-19 emergency. Millions of homeowners look forward to a loan modification under this new rule that will modify their 30-year mortgage to a 40 year mortgage and decrease their interest rate to less than less than 3.5%. Let’s say you have a 30-year mortgage in the amount of $500,000 at 5 % interest with a monthly payment of $2,684. Due to the COVID-19 pandemic, no payment has been made on your mortgage and you now have 

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MORTGAGE HELP FOR HOMEOWNERS IMPACTED BY THE CORONAVIRUS

The Federal Housing Finance Agency has directed Fannie Mae and Freddie Mac to provide mortgage assistance to customers for up to 12 months due to hardship caused by the coronavirus. Forbearance allows for a mortgage payment to be suspended for up to 12 months due to hardship caused by the coronavirus.  Fannie Mae, Freddie Mac and the Federal Home Loan Banks are taking steps to help people who have been impacted by the coronavirus. Homeowners impacted by this national emergency are eligible for a forbearance plan to reduce or suspend their mortgage payments for up to 12 months You won’t incur late 

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