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Mortgage Forbearance: The Key to Mortgage Issues During COVID-19

May 29, 2020 by Shannon Christenot

Mortgage Forbearance: The Key to Mortgage Issues During COVID-19

The Coronavirus disease (COVID-19) has swept through the entire world, disrupting all facets of the daily lives of people everywhere. The strict social distancing measures have dealt a huge blow to the economy, causing numerous businesses to close and leaving employees without a salary to live with.

This increasingly problematic situation has dealt a major blow to people’s finances, leaving people with mortgages a huge problem: “how do I pay for my mortgage now?” Despite this seemingly hopeless situation, however, there is a simple solution to stave away the fear of not being able to make ends meet for this period.

Mortgage Forbearance

Mortgage forbearance is the primary solution to combat issues with paying your mortgage during this COVID-19 season. Understandably, a majority of Americans are facing the economic standstill brought by the pandemic, which is why many lenders are accepting forbearance agreements to help out in this terrifying time.

Forbearance is the method of making an agreement with your mortgage provider to give you an opportunity to lessen the financial load of mortgages for a specified time period. Through this, you are able to defer payments—either by lessening or skipping payment—avoid late fees, and avoid foreclosure.

Take note, however, that this is merely a temporary measure and should only be used for dire scenarios. Undergoing forbearance does not erase your debt, and you will still be liable to pay the expected and missed dues at the end of the agreed-upon forbearance period.

The CARES Act

In order to further help American citizens in this dire hour of need, the government has enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act late last March. This act aims to support the country in this time of economic downfall, allowing some strain to be lifted from the finances of citizens affected by the pandemic.

One of the stipulations of this act is the push for mortgage servicers to allow a mortgage forbearance of 180 days for citizens affected by COVID-19. Should this not be enough, an additional 180 days may be re-negotiated after the initial period is passed through. On top of that, the CARES Act has placed a moratorium on foreclosures for the duration of COVID-19, thereby letting citizens rest easily about their current residential situation for the time being. This, however, is only true for loans backed by the federal government, however, many providers are allowing some leeway to be presented for other loans as well.

Mortgage Relief in California

To further the aid that the CARES Act provides, Governor Newsom of California has suspended all evictions and foreclosures in the state for an additional 90 days after the state of emergency has passed. This additional measure is to help those who could not pick up their finances despite the CARES Act or those who may not have been able to negotiate a forbearance within this period.

Have Questions About Mortgage Forbearance?

During this period of terror brought by the pandemic, your family’s finances and mortgage shouldn’t be an additional problem weighing on your mind. If you’re having trouble with handling your mortgage, then contact your lender immediately for the possibility of a mortgage forbearance.

Want to learn more about mortgage forbearance? Our mortgage broker in Los Angeles can help you in this time of need. Get in touch with us at (818) 601-2231 and claim your free mortgage rate quote today!

Filed Under: Los Angeles Mortgage Tagged With: California, Los Angeles, Mortgage Forbearance

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We’ve worked with Shannon and her team twice and both experiences were stellar. The first was buying our first home and she walked us through the process and explained everything along the way to help us get quickly up to speed. The second time we were going for a refi in maybe the most turbulent mortgage market ever as COVID hit. She guided us through all the hurdles and worked double time to satisfy all the lenders new requests. We got a rate a full percent lower. I can’t recommend this team highly enough.read more
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Shannon Christenot is the most amazing lender we’ve ever had. As a matter of fact this is the second time we’ve used Shannon to do a mortgage with us. She held our hand every step of the way. She made the whole process stress-free as well. And when we were coming down to the wire to finish our escrow within the 30 days she got us an extension Without even asking. Now we are locked into a very low rate. We’ve saved hundreds of dollars per month for the next 30 years. We cannot Thank Shannon enough. I would recommend Shanon to anyone thinking of buying a home or refinancing.read more
Tony Bilby
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Shannon and her team were professional, competent, and swift when it came to the lending associated with my home purchase. We were able to get the loan approved and close on a house in less than 30 days. Record time!read more
Joshua Barton
Joshua Barton
16:05 23 Nov 19
I have had the pleasure of working with Shannon for 8 years - her knowledge of the mortgage process and attention to clients is unparalleled. The Los Angeles market can be tricky with high dollar homes and unique income of the Entertainment Industry, but Shannon takes charge and leads everyone through to successful closings like clock work - cannot recommend her enough a true Rock Star in Mortgage world.read more
Lauren S
Lauren S
04:52 18 Oct 19
Working with Shannon was a real pleasure. She was always available and got back to me promptly with any necessary information. I was able to refinance my mortgage at a rate considerably lower than another larger company quoted who I had started working with. I look forward to working with Shannon again and I highly recommend her to anyone looking for a competent and decent mortgage broker.read more
Mike White
Mike White
02:15 27 Sep 19
As first time home buyers we had no idea what we were doing. We were pre-approved by a well known company but quickly discovered that we absolutely did not want to work with them for the actual mortgage. Shannon was recommended to us by a friend and I called on a Saturday morning. By Saturday evening we were well on our way to buying a house (we closed three days ago!). Shannon made navigating these foreign waters so easy, answering all of our newbie questions with patience and grace. Plus she got us a fantastic rate. We are so grateful for Shannon and can not recommend her enough. WE OWN A HOME!!read more
Alaine Smith
Alaine Smith
13:15 26 Sep 19
It was wonderful working with Shannon! She is attentive, thorough, and intelligent. It was easy to communicate with her because she took time to hear and understand my goals and always responded quickly. I highly recommend her to anyone looking. The customer service she provides exceeds expectations by a long shot! Thank you, Shannon, for all your help!read more
Julie Mckay
Julie Mckay
17:20 28 Aug 19
I just purchased my first home! Shannon and her team were truly a dream to work with. I was never left in the dark and she was always quick to respond with all of my questions. My experience couldn't have been easier. I highly recommend Shannon and would use her again in a heartbeat! She is the BEST!read more
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jojo quijada
19:55 27 Aug 19
I've been in the real estate business for over 5 years now, and I always trust Shannon to work with my clients. She and Josh are an AMAZING TEAM! Buyers love to work with Shannon as she gets things done asap and answer any and every question/concern. I couldn't recommend a better person for lending. Can't thank her enough!!read more
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Rotimi Ayanbeku
20:12 15 Aug 19
I always go back to Shannon because she is one of the best in the business! I've worked with Shannon over the years, however, she outdid herself in my last deal. She was so professional, caring and effective that my clients were comparing everyone else in the deal to Shannon. More importantly, we were ready to fund in less than two weeks. Once again, Shannon affirmed my belief in her that she always rises to the occasion. Thank you for being the best!read more
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