If you're behind on your mortgage payments and are looking for a way to mitigate losses in Maryland, you may be considering applying for a temporary forbearance agreement. This type of agreement allows you to temporarily stop making mortgage payments, without accumulating interest or late payment fees. During the COVID-19 pandemic, receiving a temporary suspension of collection was very common. To be eligible for this type of suspension, borrowers do not need to prove their difficulties; they simply need to call their management entity or lender and declare that they were affected by the coronavirus and that they want to request a temporary suspension of collection.
Interest will still accrue as during a traditional temporary collection suspension, but you won't have to pay penalties or fees. Mortgage fraud is an important issue to consider when obtaining forbearance. It includes any action taken by a person with the intent to defraud a mortgage lender, borrower, or any other party to the mortgage lending process (whether through a misstatement, misrepresentation, or deliberate omission), as well as the conspiracy to do so or the receipt of any product or other funds related to the closing of a mortgage that the person knows was the result of mortgage fraud. In recent months, mortgage forbearance has been in the spotlight due to the coronavirus pandemic. This type of program involves a temporary pause in mortgage payments to provide relief to those who might be struggling financially for any reason.
Individuals involved in the mortgage loan process, mortgage relief service providers, and foreclosure consultants are expected to know and fulfill their obligations under Maryland law when participating in mortgage-related activities and any other applicable state or federal laws, rules, and regulations. If you're considering applying for forbearance in Baltimore County, it's important to understand the process. First, you'll need to contact your lender or management entity and explain your situation. You'll need to provide evidence that you've been affected by COVID-19 and that you're unable to make your payments. Once your application is approved, you'll be able to temporarily stop making payments without accumulating interest or late payment fees. It's important to note that while forbearance can provide much-needed relief during difficult times, it's not a long-term solution.
Once your forbearance period ends, you'll need to start making payments again. If you're still unable to make payments at that time, you may need to consider other options such as refinancing or loan modification. When applying for forbearance in Baltimore County, it's essential that you understand all of your options and take all necessary steps to protect yourself from potential fraud. Working with an experienced attorney can help ensure that your rights are protected throughout the process. Obtaining a temporary forbearance agreement can be an effective way for those affected by COVID-19 in Baltimore County to get some financial relief. However, it's important to understand all of your options and take all necessary steps to protect yourself from potential fraud.
Working with an experienced attorney can help ensure that your rights are protected throughout the process.