Misconception: Forbearance = Forgiveness

May 11, 2020

Forbearance is designed to help the customer through a financial hardship by reducing or suspending their mortgage payment while they get back on their feet financially. Forbearance does not mean payments are forgiven. The borrower is still required to eventually fully repay the forbearance, but they may not have to repay it all at once – unless they are able to do so. The mortgage servicer will present the customer with a waterfall of repayment options based on their financial situation at the end of the forbearance period. Property taxes and insurance are still required and may have penalties if not paid on time.

If an applicant is IN forbearance on housing (rent or mortgage) they are not eligible for mortgage financing. Unless new lending guidelines are adopted, an applicant will need to have 12 months of on time housing payments to be eligible for pre-approval of a new mortgage. If buying a home is in your future, then forbearance could cause a timing delay.  We are here to help answer your questions, so you are an informed buyer.

For more information, click here to watch a short video from the consumerfinance.gov.

In light of the COVID-19 pandemic, the CARES Act provides mortgage forbearance options for those experiencing financial difficulty. Wondering what this means for you?  Join us for a Zoom webinar to understand the possible impacts and what we don’t know yet.

You are invited to a Mortgage Forebearance Zoom webinar with Molly Nadeau

When: May 13, 2020 02:00 PM Central Time (US and Canada)
Topic: Mortgage Forebearance Webinar / Molly Nadeau Team at Waterstone Mortgage

Click here to register in advance for this webinar. After registering, you will receive a confirmation email containing information about joining the webinar.

If you have additional questions about forbearance or anything else related to your current mortgage or applying for a new loan, please contact Molly Nadeau.

 

Molly Nadeau-Peterson

Branch Manager

NMLS #308436

17205 Yale Street Northwest, Suite D Elk River, MN 55330

O: 612.567.1471 F: 952.314.1515

Email: mnadeau@WaterstoneMortgage.com

 

April 2020 ~ Real Estate Market Update

May 6, 2020

The spring market is in full swing and the monthly real estate market update shows April was a strong month.  The real estate market continues to perform well during this unprecedented time.  Don’t wait to list your home or purchase a new one, now is the perfect time.  Contact us today, we’d love to discuss what is the best option for you.   Don’t see a city your interested in? Contact us, we’d love to put together a personalized market update for you!