Hi..my husband lost his job during the pandemic. He is a school bus driver. I just received a letter saying that I am only available for a repayment plan which will significantly increase my payments to what they currently are. I refused their offer...what should I do next? Will the banks be offered assistance to help struggling homeowners during this pandemic?I wish they could lower my interest rate which would lower my payments. The letter says they can't do a modification because the npv results showed that the modification Is not in the financial interest of the investor that owns my account. What does that mean and can I fight this? Thank you.
Sps loan modification
- Thread starter Vavouna1
- Start date
Katneedsrefi
LoanSafe Member
Is your loan not federally backed? Do you know if Fannie Mae or Freddie Mac own it?
I'm not sure..what is the difference
Katneedsrefi
LoanSafe Member
Check this out. I don’t know how they’ll enforce it, but this is encouraging. It gives options. https://www.fhfa.gov/mobile/Pages/p...e-End-of-Forbearance-says-FHFAs-Calabria.aspx
I found this article for anyone facing similar issues. I wanted to share to help people in the same boat as me.
Homeowners behind on their mortgages could get a reprieve on any foreclosures until 2022
The Consumer Financial Protection Bureau is looking to give homeowners in Covid-19 forbearance programs a reprieve from foreclosure proceedings until 2022.
Katneedsrefi
LoanSafe Member
Thanks for posting this article!
You are very welcome!!!!!!! We are all here to help one another with all and any knowledge to help save our homes!