Gina Heeb
speaker
171 appearances
4 recordings
1 series
first heard Feb 2023
last heard Jan 2025
Gina Heeb’s voice in public audio — every appearance, attributed to the second.
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Appearances
borrowers are still ultimately on the hook for a loan and any missed payments.
So they have to pay them whether now or later.
And I know it can seem like it might not make sense to keep paying a mortgage on a house that, for example, burned down, especially if you lost your job because of a natural disaster.
So homeowners do have options.
A lot of mortgages in this country are backed by Fannie Mae and Freddie Mac.
And those loans are required to offer forbearance in the case of natural disasters.
And there are similar loans through the Federal Housing Administration and the Department of Veteran Affairs, where it's a similar case.
And borrowers can request forbearance, which pauses the loan for
a period of time, usually in three- or six-month increments.
It does pause the payments without late fees or other penalties, and foreclosures during this time are generally suspended.
So it's supposed to be very borrower-friendly.
It depends who your lender is, what kind of loan it is.
Certain banks like J.P.
Morgan and Bank of America have also proposed
said that they would offer different forbearance programs, depending on customer to customer.
But as far as the maximum amount of time, it just depends what program you are using or what type of loan you have.
Forbearance is not the same thing as forgiveness.
As I mentioned, borrowers are still ultimately on the hook for a loan and any missed payments.
So they have to pay them whether now or later.
And I know it can seem like it might not make sense to keep paying a mortgage on a house that, for example, burned down.
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