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Low-income borrowers are least likely to know about mortgage relief

Source: Kathleen Howley, HousingWire

The mortgage borrowers most in need of information about relief options provided by the CARES Act, such as forbearance, are the ones who are least likely to know about it, according to a Fannie Mae report. About 60% of mortgage borrowers with incomes of $50,000 a year or less said they weren’t familiar with or didn’t know about mortgage relief options, the report said.

The CARES Act, passed by Congress at the end of March, gives mortgage borrowers impacted by the COVID-19 pandemic the option of 180 days of forbearance, meaning suspended payments, with a provision they can re-up for another 180 days if the relief is still needed.

Read Full Article: Low-income borrowers are least likely to know about mortgage relief

 

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