• Skip to main navigation
  • Skip to content
  • Skip to footer

Albuquerque Real Estate | Venturi Realty GroupAlbuquerque Real Estate | Venturi Realty Group

Top Albuquerque Real Estate Agents | Venturi Realty Group

  • Search
    • Advanced MLS Search
    • Just Listed
    • Open Houses
    • Map Search
    • Foreclosures
    • New Construction
      • New Home Neighborhoods
    • Commercial Properties
    • Vacant Land Search
    • MLS Maps Search
    • Homes by Zip Code
  • Lifestyle
    • Luxury Homes
    • Condos, Lofts & Townhomes
    • Homes With a Swimming Pool
    • Green/High Perf Homes
    • Homes With A View
  • Communities
    • All Albuquerque
    • Far Northeast Heights Albuquerque
    • Near Northeast Heights Albuquerque
    • Westside / Northwest Albuquerque
    • North Valley Albuquerque & Los Ranchos
    • Downtown and UNM Areas Albuquerque
    • Southwest and South Valley Albuquerque
    • Southeast Areas Albuquerque
    • Rio Rancho, NM
    • East Mountain Areas
    • Valencia County Areas
    • Corrales, NM
    • Placitas, NM
    • Bernalillo, NM
    • Santa Fe, NM
    • Communities Map
  • Buyers
    • Things to Consider When Buying a Home (Winter 2021)
    • Home Buyer Wish List
    • VIDEO – Steps to Buying a Home
    • VIDEO – Home Financing Options
    • Free Relocation Guide
    • Mortgage Calculators
    • Emailed Listing Alerts
  • Sellers
    • Things to Consider When Selling Your House (Winter 2021)
    • Sellers Guide – Fall 2020
    • Home Selling Consultation
    • Video – Preparing Your Home for Sale
    • Home Seller Videos
    • Path to Sold
  • About
    • Blog
    • About Us
    • Meet the Team
    • Real Estate Talk Radio and Podcast
    • Featured Homes
    • Testimonials
    • Experience
  • Market
    • Latest Market Data
    • Real-Time Market Conditions
    • 10-Year Market Trends
    • Current Market Profile by Zip Code
    • Inventory Tracking Project
    • Luxury Market Tracking Project
  • 505-448-8888
  • Email

5 Steps to Follow When Applying for Forbearance

5 Steps to Follow When Applying for Forbearance | Simplifying The Market

If you’re currently feeling the stress of affording your mortgage payment, or if you know someone who is, there’s still time to get help. For homeowners experiencing financial hardship this year, the CARES Act provides mortgage payment deferral options, creating much-needed relief in these challenging times.

It’s important, however, to understand how forbearance works. It’s not automatic. You need to take action now and apply for the program before these options expire.

A study by the Urban Institute determined:

“Approximately 400,000 homeowners who became delinquent after the pandemic began have forgone forbearance and become delinquent. These borrowers may not know they are eligible for forbearance.”

Thankfully, there’s still time to apply for forbearance, even if you’re just learning about it now. Doing so may be the game-changer you need to stay in your home, just when you need it most. Mike Fratantoni, Senior Vice President and Chief Economist at the Mortgage Bankers Association (MBA), explained:

“The increase in new forbearance requests may be the result of additional outreach to homeowners who had previously not taken advantage of forbearance opportunities.”

If you need to apply for forbearance but aren’t sure how to begin the process, the Consumer Financial Protection Bureau (CFPB) published 5 steps to follow when requesting mortgage forbearance:

1. Find the contact information for your servicer

Look at your mortgage statement to find the phone number for your servicer (the company you send your mortgage payment to every month). The Consumer Financial Protection Bureau encourages you to use the number on your statement to avoid scams.

2. Call your servicer

Explain your situation so your servicer can determine your best course of action. Be sure to ask any questions you have about the process.

3. Ask if you’re eligible for protection under the CARES Act

The CARES Act protects homeowners with federally backed loans (FHA, VA, USDA, Fannie Mae, and Freddie Mac). In addition, some private servicers are also providing forbearance programs.

4. Ask what happens when your forbearance period ends

Depending on the plan available to you, there are different options you may be able to consider. Your servicer will help you get a better understanding of what’s available.

The CFPB also recommends asking questions like:

  • What happens to the payments I miss?
  • What are my repayment options?
  • When will repayment be due?
  • Are there any fees?

5. Ask your servicer to provide the agreement in writing

A written agreement allows you to see exactly what type of program you’re agreeing to. It also helps you make sure it matches what you discuss with your provider over the phone.

Bottom Line

Help is out there for homeowners in need, but it’s important to apply now while this benefit is still available. The Consumer Financial Protection Bureau says: don’t wait, forbearance is not automatic. It must be requested. Reach out to your mortgage provider today so you can get the assistance you need to protect the hard-earned investment you’ve made in your home.

Posted in: Distressed Properties, For Buyers, For Sellers, Foreclosures, Housing Market Updates

Post navigation

« ABQ Real Estate Talk #346 – Dec 12, 2020
How to BUY and SELL a house SIMULTANEOUSLY in Albuquerque »

Albuquerque Area Zip Codes We Serve

  • 87001 Algodones
  • 87002 Belen
  • 87004 Bernalillo
  • 87008 Cedar Crest
  • 87015 Edgewood
  • 87016 Estancia
  • 87031 Los Lunas
  • 87035 Moriarty
  • 87042 Peralta
  • 87047 Sandia Park
  • 87048 Corrales
  • 87059 Tijeras
  • 87068 Bosque Farms
  • 87102 Albuquerque
  • 87104 Albuquerque
  • 87105 Albuquerque
  • 87106 Albuquerque
  • 87107 Albuquerque
  • 87108 Albuquerque
  • 87109 Albuquerque
  • 87110 Albuquerque
  • 87111 Albuquerque
  • 87112 Albuquerque
  • 87113 Albuquerque
  • 87114 Albuquerque
  • 87120 Albuquerque
  • 87121 Albuquerque
  • 87122 Albuquerque
  • 87123 Albuquerque
  • 87124 Rio Rancho
  • 87144 Rio Rancho
  • Albuquerque Area MLS Map and MLS Areas List
  • Albuquerque Real Estate
  • Top Albuquerque Area Realtors

    Venturi Realty Group - Keller Williams Realty

    1119 Alameda Blvd NW Albuquerque, NM 87114

    (505) 448 8888
    info@welcomehomeabq.com

    KW Main Office Location

    6703 Academy Blvd NE Albuquerque NM, 87109

    © 2021 Venturi Realty, Inc.

    Terms of Services | Privacy Policy | Sitemap

    Responsive Real Estate Websites by HoopJumper