What is forbearance? You may have heard this word before! The term forbearance refers to the temporary postponement of loan payments, typically for a mortgage or student loan. Lenders and other creditors grant forbearance as an alternative to forcing a property into foreclosure or leaving the borrower to default on the loan.
Illinois has the most delinquent mortgages in the Midwest, meaning homeowners are at least 30 days overdue on making at least one mortgage payment. Data shows that 5.7% of Illinois homeowners are at least 90 days behind their payments.
How Has COVID-19 Effected Forbearance in Today’s Market?
At LIV Partners we love to educate our network and share information as we get it! Homeowners will need deeper assistance due to pandemic-related income loss. For example, due to the economic crisis caused by the pandemic, some homeowners are earning less than they were before the pandemic. Homeowners with government - backed mortgages that have been negatively impacted by the pandemic will now receive enhanced assistance, especially if they looking for work, re-training, having trouble catching up on backed taxes and insurance, or are continuing to experience hardship for another reason.
What Options Are Available After A Mortgage Forbearance Plan?
Homeowners who have recovered from their hardships related to COVID-19 (including those who are exiting a forbearance plan) have options to bring their loan current. Here at LIV Partners we have specialists that can help you navigate through this process.
Contact LIV Partners today 800-430-6859 we are here to help you every step of the way!