Pismo Beach, CA – Unemployed homeowners who are behind in their payments and have a Freddie Mac owned loan can receive “forbearance” for up to 12 months. How does one know if they have a Freddie Mac loan? Just go to the links tab and you’ll see a link to a website that will allow you to put in your loan number and find out.
What does a Pismo Beach/Five Cities and Santa Maria homeowner need to do? You must contact your servicer (the lender to whom you make payments). If you have been unemployed for up to 6 months, your servicer can make the decision to have you participate in the program. If it’s been over 6 months and up to 12 months, Freddie Mac also has to approve it. A person must be unemployed and must apply–it’s not automatic.
When the homeowner is re-employed, those missed payments will either need to be caught up or the lender may tack the missed payments to the back end of the loan. In any case, it isn’t a “free” period. If a homeowner with a Freddie Mac loan is unemployed for a longer term, the foreclosure process picks up again, so it is not an answer for everyone. But for the homeowner who is unemployed for a short term, it could make the way for him/her to be able to keep the house.
For more information about foreclosure alternatives you may qualify for, call us today. We can help you alleviate the burden that the threat of foreclosure brings, and we can develop a strategy to help you breathe a little easier. When we talk, we will explain how the process works in detail and answer any questions you may have.
Spencer & Margaret are Realtors and owners of Ocean Breeze Real Estate and are a Certified Distressed Property Expert (CDPE) team.
Phone: 805-709-7646 & 805-709-8535. Email: OceanBreezeRE@gmail.com.
View our homes for sale at www.OceanBreezeRealEstate.com.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
Spencer & Margaret Morris specialize in short sales in Pismo Beach California and all of Five Cities, Santa Maria and the Central Coast California.
