Hey everyone. It’s Jamie here with the Real 411. Let’s talk about the stimulus package that the government just passed. So the stimulus package offers homeowners who have been negatively impacted by the COVID-19 pandemic. The opportunity to apply for a forbearance agreement. The forbearance agreement is not a means of skipping your mortgage payment. It’s more like hitting the pause button on your mortgage payment. The initial time period for those who are approved is about six months or 180 days. And depending on how things go, it is possible that that term may be extended. But I really want you to understand what this means in the real world. First; and foremost, you are still responsible for your mortgage payments. Whatever you do, don’t just stop making your mortgage payment. You have to apply for a forbearance. And you have to be approved for it. If you don’t do those things and stop making your mortgage payment, you are late.
Mortgage rates are a big deal. They impact your credit significantly. If you have a mortgage late, you’re going to have issues. Refinancing your home, purchasing another home, and applying for credit for other things that are unrelated to mortgage financing. So, if you are having an impact from the COVID-19 situation, please contact your loan servicer. And go through the proper channels to apply for the forbearance agreement. If you’re having any issues understanding what all of this complicated information means. Please reach out to us at any time. We would be more than happy to help guide you through this and help you to understand what your options are.
The most important thing. However is that you are staying healthy and safe during this challenging time. We wish you well from all of us here at Amerifund. Take good care.