Alma Pulido-New American Funding-Sales Team Manager

Let’s do some ‘Mortgage Forbearance Math Mom and Dad have a mortgage. It's currently $1,500 per month.... Dad gets laid off, calls the servicer, and asks for forbearance. In one phone call, he gets 6 months "off" from paying. Seven months later, Dad is finally back to work, and hasn't been able to save any money during the forbearance. Forbearance is lifted and servicer says, "That will be $9,000 + $1,500, which is now due". ($10,500) Dad almost passes out and says, WHY??" Servicer: "That's the 6 months of forbearance plus the current month. Dad: "I can’t do that, can we work something out?" Servicer: "Sure, we will spread out the $9,000 over 12 months." Dad: "Phew....ok, good. What will that look like?" Servicer: That will be $2250 a month for the next 12 months." Dad: " OMG!!! I can't afford that." Servicer: "Sorry....." Dad: "Can I refinance?" Servicer: "No because the loan went into forebearance." Dad: "What can I do?" In a nutshell, this is forbearance, folks. Forbearance is not forgiveness. We need to keep putting this message out there, because we are still getting a lot of questions. Please understand the seriousness of this, and if you still have questions, you know we are always here for you. Use this as a last resort. For any questions please do not hesitate to contact me Alma Pulido Sales Manager NMLS#254571 818-447-1182

The Federal Housing Finance Agency today announced maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2020, with the 2020 maximum conforming loan limit for one-unit properties rising to $510,400 from $484,350.

https://www.housingwire.com//49430-freddie-mac-mortgage-ra