Good Thursday morning, In today's episode I am going to talk about the number of folks who have not reached out to their mortgage provider despite having difficulty paying their mortgage during these challenging times.
530,000 homeowners who became delinquent after the pandemic began did not take advantage of forbearance, despite being eligible to ask for the plan. These responses reflect a need to provide better information to all homeowners (lump-sum payment) is not the only repayment option.
Additionally, 205,000 homeowners who did not extend their forbearance after its term ended in June or July became delinquent on their loans. We need to examine who these people are and why they are not extending their options.
The challenge, according to Matt Hulstein, Staff Attorney at non-profit Chicago Volunteer Legal Services, is "A lot of homeowners aren't aware of this option."
Why Some Homeowners Haven't Opted for Forbearance:
69.88 % Fear of Lump Sump Payment / 56.63% Didn't know they could request forbearance / 20.48% Servicer doesn't allow / 13.25% Servicer required proof / 34.94% Difficulty connecting / 31.33% other.
It is important to note that any homeowner experiencing financial hardship has the right to request forbearance. If you are unfamiliar with the plans available contact your mortgage provider or reach out to me or someone or the Hartman Real Estate Team". We will talk through all of your options.
