As part of its $2 trillion coronavirus aid package, the federal government cleared the way for struggling homeowners to get mortgage relief from lenders. But for some homeowners, the aid may have come too easily.
Over the last two months, homeowners have swarmed servicers' web sites and phone lines in search of information about mortgage forbearances, which allow them to suspend mortgage payments for up to a year. And now there are more than 4 million homeowners in forbearance plans, according to the Mortgage Banker's Association.More from Success All employees face mental health risks now.
But some homeowners were put into forbearance programs they did not want -- and that has caused problems. Being in forbearance, even if the homeowner is making regular payments, has prohibited some from taking out new home loans or refinancing their existing mortgages."I never asked to be in the program," said D.J. Stavropoulos, a real estate agent in Atlanta who said he called his mortgage servicer, Wells Fargo, in March just to get information about how a forbearance would work.
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I was told that interest would be added to any missed payments. I told them, no thanks, I will come up with my normal monthly payments
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