Trusted Partner

Success in residential real estate depends on the team brought together to achieve a mutual clients goals. Who you choose to work with is so important.
Not only for sellers and buyers but for agents as well. Agents choice in partnerships can have a big affect on a clients overall experience.

Brought To You By Fairway: Forbearance Explanation And Its Impact

Forbearance is being talked about everywhere. I wanted to give you the most current information we have on what it means and its possible implications.

What We Know:

  • Is it FREE? – NO
  • What does Forbearance mean?
    • That you may not have to make a mortgage payment for up to 6 months
  • Should someone enter into Forbearance on their mortgage?
    • ONLY if they’re experiencing financial hardships due to loss of employment/unforeseen circumstances
    • Pay as much as possible, each month, for as long as possible
  • Will Forbearance impact credit? – NO
  • Are those 6 months of payments forgiven? – NO
  • What happens to those 6 months of payments?
    • 4 options:
      • Reinstatement – At the end of the Forbearance period all of the past payments are due in addition to the current payment
      • Repayment Plan – The missed payments will be divided by 12 and added to the normal monthly payments over the next year
      • Deferment – The missed payments are added to the balance of the existing mortgage
      • Modification – Due to financial hardship, the borrower has to work with their Servicer to modify the terms of their existing mortgage
  • Will Forbearance on an existing mortgage negatively impact clients ability to refinance or purchase a home in the future?
    • YES – Servicers and Lenders have already stated that they will not “buy” loans if borrowers had previously been in Forbearance

If you’re in need of good mortgage counseling, I can connect you with my partner Malcolm at Fairway. Contact Laurel directly.


November 11th is Veterans Day

But it doesn’t have to be November 11th to take advantage of a VA Home Loan. There can be so many obstacles for those who serve, buying a home shouldn’t be one of them. As a spouse, daughter, friend to and niece of a veteran, THANK You. Not sure if you are eligible, it’s not hard to find out. Let me help.