Mortgage Relief Help For Investors
Is the current crisis having an impact on your ability to pay for your home or your rental properties? The good news is that Real estate investors can be eligible for coronavirus mortgage relief programs which can help keep their credit history in good standing. There are different types of mortgage relief options available.; the federal government mortgage relief programs started on March 18 and the options available through the FHFA include being eligible for forbearance up to 12 months with no late fees, past due payments are not being reported to credit bureaus, and at the end of your forbearance the servicer has to work with you on a permanent plan to help maintain a reduced monthly payment amounts and necessary, which include modifying your loan. If the loan is federally backed you have a right to request forbearance for up to 180 days and also have the ability to request one extension for another 180 days; if the mortgages are backed by Fannie Mae or Freddie Mac, you do qualify for any of the relief you will not incur any late fees and no delinquencies will be reported to the credit reporting companies. There are also different relief programs available through the private individual mortgage lender.
When considering applying for a mortgage relief program, it is extremely important to remember that the relief does not erase what you owe and you will have to repay any missed or reduced payments in the future. As investors it is important to make sure you are aware of your current financial position as well as get a plan in place to begin repaying these payments as soon as possible or by the end of the forbearance in order to make sure to keep your credit in good standing and maintain the ability to keep investing in properties.