July 7, 2020
If your borrower chose to put their current mortgage in forbearance due to COVID19, the 3-month grace period that they were given is starting to end and that forbearance could prevent them from obtaining a new mortgage unless certain steps are taken.
The quickest thing your borrower can do in order to be eligible for a mortgage is bring all missed payments current immediately, but we know that paying all 3 or more missed payments at once is probably not feasible for most borrowers. So in order to avoid delay and help expedite the mortgage process on a new home for your buyer, we have created the Premium Mortgage Corp. Forbearance Assistance Plan to assist your buyer in bringing all missed payments current immediately. Once the plan is in place, your buyer will immediately be eligible for a pre-approval and/or mortgage on a new home. For more information on this plan, please contact your Premium Mortgage Corp. Loan Officer.