[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$f1mfbgmj2o9sn9":3,"$ffeh0925h8cuz":42,"$f2emv3tus0uf1":46,"$fbwk2pqjjqsc7":50},{"item":4,"previous":30,"next":36},{"id":5,"slug":6,"title":7,"description":8,"excerpt":9,"contentType":10,"featuredImage":11,"bannerImage":9,"body":12,"agentsBottomLine":13,"bodyImage":9,"isInfographic":14,"categories":15,"isVideo":14,"videoThumbnail":9,"videoSource":9,"publishedAt":28,"updatedAt":29},1775,"5-steps-to-follow-when-applying-for-forbearance","5 Steps to Follow When Applying for Forbearance","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 \u003Ca href=\"https:\u002F\u002Fhome.treasury.gov\u002Fpolicy-issues\u002Fcares\">CARES Act\u003C\u002Fa> provides mortgage payment deferral options, creating much-needed relief in these challenging times.","","blog","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2020\u002F12\u002F11140251\u002F20201214-KCM-Share.jpg","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 \u003Ca href=\"https:\u002F\u002Fhome.treasury.gov\u002Fpolicy-issues\u002Fcares\">CARES Act\u003C\u002Fa> provides mortgage payment deferral options, creating much-needed relief in these challenging times.\u003C!--more-->\r\n\r\nIt’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.\r\n\r\nA \u003Ca href=\"https:\u002F\u002Fwww.urban.org\u002Furban-wire\u002Fbroader-outreach-strategy-would-help-400000-needlessly-delinquent-mortgage-borrowers\">study\u003C\u002Fa> by the \u003Cem>Urban Institute\u003C\u002Fem> determined:\r\n\u003Cblockquote>\u003Cem>“\u003Cstrong>Approximately 400,000 homeowners who became delinquent after the pandemic began have forgone forbearance\u003C\u002Fstrong> and become delinquent. \u003Cstrong>These\u003C\u002Fstrong> \u003Cstrong>borrowers may not know they are eligible for forbearance\u003C\u002Fstrong>.”\u003C\u002Fem>\u003C\u002Fblockquote>\r\nThankfully, 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\u003Cem>, Senior Vice President\u003C\u002Fem> and \u003Cem>Chief Economist\u003C\u002Fem> at the \u003Cem>Mortgage Bankers Association \u003C\u002Fem>(MBA), \u003Ca href=\"https:\u002F\u002Fwww.housingwire.com\u002Farticles\u002Fshare-of-mortgage-loans-in-forbearance-ticks-up-for-second-week\u002F\">explained\u003C\u002Fa>:\r\n\u003Cblockquote>\u003Cem>“The increase in new forbearance requests may be the result of additional outreach to homeowners who had previously not taken advantage of forbearance opportunities.”\u003C\u002Fem>\u003C\u002Fblockquote>\r\nIf you need to apply for forbearance but aren’t sure how to begin the process, the \u003Cem>Consumer Financial Protection Bureau \u003C\u002Fem>(CFPB) published \u003Ca href=\"https:\u002F\u002Fwww.youtube.com\u002Fwatch?v=0UzmTxYmw94&app=desktop\">5 steps\u003C\u002Fa> to follow when requesting mortgage forbearance:\r\n\u003Ch4>\u003Cstrong>1. Find the contact information for your servicer \u003C\u002Fstrong>\u003C\u002Fh4>\r\nLook at your mortgage statement to find the phone number for your servicer (the company you send your mortgage payment to every month). The \u003Cem>Consumer Financial Protection Bureau \u003C\u002Fem>encourages you to use the number on your statement to avoid scams.\r\n\u003Ch4>\u003Cstrong>2. Call your servicer \u003C\u002Fstrong>\u003C\u002Fh4>\r\nExplain your situation so your servicer can determine your best course of action. Be sure to ask any questions you have about the process.\r\n\u003Ch4>\u003Cstrong>3. Ask if you’re eligible for protection under the CARES Act\u003C\u002Fstrong>\u003C\u002Fh4>\r\nThe 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.\r\n\u003Ch4>\u003Cstrong>4. Ask what happens when your forbearance period ends\u003C\u002Fstrong>\u003C\u002Fh4>\r\nDepending on the plan available to you, there are different \u003Ca href=\"https:\u002F\u002Fwww.simplifyingthemarket.com\u002F2020\u002F10\u002F21\u002Fwhy-todays-options-will-save-homeowners-from-foreclosure\u002F\">options\u003C\u002Fa> you may be able to consider. Your servicer will help you get a better understanding of what’s available.\r\n\r\nThe CFPB also recommends asking questions like:\r\n\u003Cul>\r\n \t\u003Cli>What happens to the payments I miss?\u003C\u002Fli>\r\n \t\u003Cli>What are my repayment options?\u003C\u002Fli>\r\n \t\u003Cli>When will repayment be due?\u003C\u002Fli>\r\n \t\u003Cli>Are there any fees?\u003C\u002Fli>\r\n\u003C\u002Ful>\r\n\u003Ch4>\u003Cstrong>5. Ask your servicer to provide the agreement in writing \u003C\u002Fstrong>\u003C\u002Fh4>\r\nA 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.\r\n\u003Ch3>\u003Cstrong>Bottom Line\u003C\u002Fstrong>\u003C\u002Fh3>\r\nHelp is out there for homeowners in need, but it’s important to apply now while this benefit is still available. The \u003Cem>Consumer Financial Protection Bureau\u003C\u002Fem> says: \u003Cstrong>\u003Cem>don’t wait, forbearance is not automatic. It must be requested\u003C\u002Fem>\u003C\u002Fstrong>. 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.","\r\nHelp is out there for homeowners in need, but it’s important to apply now while this benefit is still available. The \u003Cem>Consumer Financial Protection Bureau\u003C\u002Fem> says: \u003Cstrong>\u003Cem>don’t wait, forbearance is not automatic. It must be requested\u003C\u002Fem>\u003C\u002Fstrong>. 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.",false,[16,20,24],{"id":17,"name":18,"slug":19},5,"For Buyers","buyers",{"id":21,"name":22,"slug":23},6,"For Sellers","sellers",{"id":25,"name":26,"slug":27},7,"Foreclosures","foreclosures","2020-12-14T10:00:18Z","2020-12-14T21:27:37Z",{"id":31,"slug":32,"title":33,"featuredImage":34,"publishedAt":35,"contentType":10,"isVideo":14},1774,"winning-as-a-buyer-in-a-sellers-market-infographic","Winning as a Buyer in a Sellers’ Market [INFOGRAPHIC]","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2020\u002F12\u002F08150959\u002F20201211-KCM-Share.png","2020-12-11T11:00:39Z",{"id":37,"slug":38,"title":39,"featuredImage":40,"publishedAt":41,"contentType":10,"isVideo":14},1776,"the-holidays-arent-stopping-homebuyers-this-year","The Holidays Aren’t Stopping Homebuyers This Year","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2020\u002F12\u002F14110112\u002F20201215-KCM-Share.jpg","2020-12-15T10:00:12Z",{"cover":43,"open":44,"shareSpread":45},"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Cover-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Spread-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Magazine-original.png",{"cover":47,"open":48,"shareSpread":49},"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Sellers-Guide-Cover-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Sellers-Guide-Spread-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Sellers-Guide-Magazine-original.png",[51,55,56,57,58,62,66,70,74,78,82,86,90,94,98,102,106,110,114,118,122,126,130,134,138,142,146,150,154,158],{"id":52,"name":53,"slug":54},1,"Uncategorized","uncategorized",{"id":17,"name":18,"slug":19},{"id":21,"name":22,"slug":23},{"id":25,"name":26,"slug":27},{"id":59,"name":60,"slug":61},8,"Infographics","infographics",{"id":63,"name":64,"slug":65},9,"Home Prices","home-prices",{"id":67,"name":68,"slug":69},11,"First-Time Buyers","first-time-buyers",{"id":71,"name":72,"slug":73},34,"Senior Market","senior-market",{"id":75,"name":76,"slug":77},35,"Mortgage Rates","mortgage-rates",{"id":79,"name":80,"slug":81},38,"Move-Up","move-up",{"id":83,"name":84,"slug":85},41,"For Sale by Owner","for-sale-by-owner",{"id":87,"name":88,"slug":89},42,"Featured","featured",{"id":91,"name":92,"slug":93},45,"New Construction","new-construction",{"id":95,"name":96,"slug":97},52,"Luxury \u002F Vacation","luxury--vacation",{"id":99,"name":100,"slug":101},53,"Rent vs. Buy","rent-vs-buy",{"id":103,"name":104,"slug":105},80,"Time-sensitive","time-sensitive",{"id":107,"name":108,"slug":109},81,"Outdated","outdated",{"id":111,"name":112,"slug":113},147,"Internal","internal",{"id":115,"name":116,"slug":117},148,"Do Not Autopost","do-not-autopost",{"id":119,"name":120,"slug":121},320,"Inventory","inventory",{"id":123,"name":124,"slug":125},321,"Agent Value","agent-value",{"id":127,"name":128,"slug":129},322,"Affordability","affordability",{"id":131,"name":132,"slug":133},323,"Buying Tips","buying-tips",{"id":135,"name":136,"slug":137},324,"Downsize","downsize",{"id":139,"name":140,"slug":141},325,"Economy","economy",{"id":143,"name":144,"slug":145},326,"Equity","equity",{"id":147,"name":148,"slug":149},327,"Forecasts","forecasts",{"id":151,"name":152,"slug":153},328,"Selling Tips","selling-tips",{"id":155,"name":156,"slug":157},339,"Expired\u002FWithdrawn\u002FCanceled","expiredwithdrawncanceled",{"id":159,"name":160,"slug":161},340,"Price It Right\u002FOverpricing","price-it-rightoverpricing"]