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Homeowners are getting mortgage relief they didn’t want

Source: Anna Bahney, KVVU-TV

Homeowners have swarmed servicers' web sites and phone lines in search of information about mortgage forbearances, which allow them to suspend mortgage payments for up to a year. And now there are more than 4 million homeowners in forbearance plans, according to the Mortgage Banker's Association.

But some homeowners were put into forbearance programs they did not want -- and that has caused problems. Being in forbearance, even if the homeowner is making regular payments, has prohibited some from taking out new home loans or refinancing their existing mortgages.

Read Full Article: Homeowners are getting mortgage relief they didn’t want

 

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