Did you accept forbearance on your mortgage payments because of COVID? Are your options now looking slim or undesirable? They might be telling you you have to pay it all at once, pay a larger sum per month, or even sell your house.
This might not apply to you, but it might apply to someone you know. Now that the foreclosure moratorium is gone, lenders are ready to move preforeclosures along to the next step.
Some borrowers may have been under the impression that their deferred amount would be tacked on to the end of their loan, but in reality the options vary between federal loans and private mortgage providers, who can essentially make their own rules.
We encourage you to check out the Consumer Finance Protection Bureau (CFPB) website for more in-depth information — especially the “Explore Coronavirus Resources” section — to find more about the actions you can take and to make sure your mortgage servicer is behaving ethically.
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