Friday, May 29, 2020
APPLY NOW PURCHASE REFINANCE CONSOLIDATE DEBT HOME EQUITY LOAN
 
Does your house need attention?
Why not give it a facelift? Refinancing your home could be the answer.
 

Mortgage Industry Proposes 90-Day Loan Forbearance

Mortgage News > Mortgage Industry Proposes 90-Day Loan Forbearance
Date: 03/24/2020    Mortgage Industry Proposes 90-Day Loan Forbearance

Three of the largest U.S. mortgage industry trade groups – the American Bankers Association, the Mortgage Bankers Association and the Housing Policy Council – have jointly recommended a plan to federal agencies to aid those unable to make their payments due to coronavirus-related financial effects. The groups proposed that mortgage servicers offer a 90-day forbearance to those facing an “income disruption,” which could then be extended to 12 months if needed. Under this plan, if a quarter of U.S. mortgage borrowers receive forbearance for three months, servicers would have to cover payments totaling about $36 billion.

back