No Lump Sum Payment Required on Mortgage Forbearance I Seattle Real Estate Podcast

Lump-sum payments are NOT required as part of the CAFES Act on mortgage forbearance.

Maybe you've lost your job and are not in a position to pay your mortgage. Your lender has said you will need to make a lump sum payment at the end of your forbearance period. Is this true???

With businesses shut down, people at home, and 26 million people requesting unemployment for the first time there's a ton of mortgages not being paid. Some lenders are requiring their customers requesting forbearance to repay the entire lump sum at the end of the forbearance period. Fannie Mae and Freddie Mac just released guidelines on what can be offered as part of the forbearance process. Lump-sum payments are a payment option but are not required.

Join Sean Reynolds, owner of Summit Properties NW and Reynolds & Kline Appraisal as he discusses what is happening with forbearance repayment options on this episode of the Seattle Real Estate Podcast.

#forbearance #mortgage #caresact

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